Document:

Exhibit
10.3

 

The securities represented by this
certificate have not been registered under the Securities Act of 1933, as
amended, or registered or qualified under any state securities laws.  The securities may not be sold, transferred,
pledged or hypothecated unless such sale, transfer, pledge or hypothecation is
in accordance with such Act and applicable state securities laws.

 

WARRANT

 

to Purchase Series A Preferred Stock of

 

GENAISSANCE PHARMACEUTICALS, INC.

 

THIS WARRANT IS TO
CERTIFY THAT RAM TRADING, LTD., a Cayman Islands exempted company (the “Holder”),
is entitled to purchase from Genaissance Pharmaceuticals, Inc., a Delaware
corporation (the “Company”), 190,000 shares of Series A Preferred Stock
of the Company (the “Series A Preferred Stock”) for the Exercise Price
described herein upon the terms and conditions set forth herein.

 

Section
1.  Certain Definitions.

 

(a)  Unless otherwise stated in this Warrant,
capitalized terms used but not defined herein shall have the meanings set forth
in that certain Series A Stock Purchase Agreement, dated as of the date hereof,
between the Company and the Holder.

 

(b)  As used in this Warrant, capitalized terms
used herein shall have the following meanings:

 

“Expiration
Date” shall mean December 31, 2005.

 

“Securities Act” shall mean the Securities Act
of 1933, as amended.

 

“Warrant”
shall mean this Warrant and any warrant(s) issued in substitution for this
Warrant.

 

“Warrantholder”
shall mean RAM Trading, Ltd., as the initial holder of this Warrant, and any
Affiliate of RAM Trading, Ltd. to whom this Warrant has been transferred in
accordance with Section 10 hereof.

 

Section
2.  Warrant Shares; Exercise Price.

 

(a)  This Warrant may be exercised in accordance
with Section 3 for 190,000 shares of Series A Preferred Stock (such
shares, as may be adjusted from time to time pursuant to Section 4, are
referred to herein as the “Warrant Shares”).

 

 

(b)  The exercise price for each Warrant Share is
$22.50 (such price, as may be adjusted from time to time pursuant to Section
4, is referred to herein as the “Exercise Price”).

 

Section
3.  Exercise of Warrant.

 

(a)  Subject to Sections 3(b) and 3(c),
the Warrantholder may exercise this Warrant, in whole but not in part, at any
time beginning on the date hereof until and including the Expiration Date.

 

(b)  If at any time after the date hereof the
Market Price of the Common Stock is greater than $4.00 (as adjusted for any
stock split, stock dividend, recapitalization or otherwise) for twenty three
(23) consecutive Business Days, the Warrantholder shall exercise this Warrant
on or prior to the earlier of (i) the date that is six (6) months following the
last day of such 23 Business Day trading period or (ii) the Expiration Date.

 

(c)  The Warrantholder shall exercise this Warrant
by delivering to the Company at the address set forth on the signature page
hereto (i) the Exercise Notice set out at the end of this Warrant, (ii) this
Warrant and (iii) a cash payment equal to the aggregate Exercise Price by wire
transfer to an account of the Company designated in writing by the Company to
the Warrantholder.

 

(d)  Upon exercise of this Warrant and delivery
of the Exercise Notice with proper payment relating thereto, the Company shall
issue and deliver as soon as practicable (and in any case within four (4)
Business Days thereafter) to the Warrantholder a stock certificate or
certificates, duly executed by the Company, representing the Warrant Shares.

 

(e)  The stock certificate or certificates for
the Warrant Shares to be delivered in accordance with this Section 3
shall be registered in the name of the Warrantholder or such other Person as
shall be designated in the Exercise Notice. 
Such certificate or certificates shall be deemed to have been issued and
the Warrantholder or any other Person so designated to be named therein shall
be deemed to have become the holder of record of such shares, including to the
extent permitted by law the right to vote such shares or to consent or to
receive notice as stockholders, as of the time said notice is delivered to the
Company as aforesaid.

 

(f)  The Company shall pay all expenses payable
in connection with the preparation, issue and delivery of stock certificates
under this Section 3, including any transfer taxes resulting from the
exercise of this Warrant by the Holder and the issuance of the Warrant Shares
to the Holder hereunder.

 

(g)  Upon the exercise of this Warrant in
accordance with the terms hereof, the Warrant Shares shall be validly issued,
fully paid and non-assessable, and free from all Liens, other than Liens
created by the Warrantholder.

 

Section
4.  Adjustment of Exercise Price and
Warrant Shares.

 

(a)  If, at any time prior to the Expiration
Date, the number of outstanding shares of Series A Preferred Stock is (i)
increased by a stock dividend payable in shares of Series A

 

2

 

Preferred Stock or by a subdivision or split-up of shares of Series A
Preferred Stock or (ii) decreased by a combination of shares of Series A
Preferred Stock, then, following the record date fixed for the determination of
holders of Series A Preferred Stock entitled to receive the benefits of such
stock dividend, subdivision, split-up, or combination, the Exercise Price shall
be adjusted to a new amount equal to the product of (I) the Exercise Price in
effect on such record date and (II) the quotient obtained by dividing (x) the
number of shares of Series A Preferred Stock outstanding on such record date
(without giving effect to the event referred to in the foregoing clause (i) or
(ii)), by (y) the number of shares of Series A Preferred Stock which would be
outstanding immediately after the event referred to in the foregoing clause (i)
or (ii), if such event had occurred immediately following such record date.

 

(b)  Upon each adjustment of the Exercise Price
as provided in Section 4(a), the Warrantholder shall thereafter be
entitled to purchase, at the Exercise Price resulting from such adjustment, the
number of shares of Series A Preferred Stock equal to the product of (i) the
number of shares of Series A Preferred Stock that the Warrantholder was
entitled to purchase prior to such adjustment and (ii) the quotient obtained by
dividing (x) the Exercise Price existing prior to such adjustment by (y) the
new Exercise Price resulting from such adjustment.

 

Section
5.  Reclassification, Etc.

 

(a)  In case of any reclassification or change of
the outstanding shares of Series A Preferred Stock (other than as a result of a
subdivision, combination or stock dividend), or in case of any consolidation of
the Company with, or merger of the Company into, another corporation or other
business organization (other than a consolidation or merger in which the
Company is the continuing corporation and which does not result in any
reclassification or material change of the outstanding shares of Series A
Preferred Stock) at any time prior to the Expiration Date, then, as a condition
of such reclassification, reorganization, change, consolidation or merger,
lawful provision shall be made, and duly executed documents evidencing the same
from the Company or its successor shall be delivered to the Warrantholder, so
that the Warrantholder shall have the right prior to the Expiration Date to
purchase, at a price not to exceed the aggregate Exercise Price, the kind and
amount of shares of stock and other securities and property receivable upon
such reclassification, reorganization, change, consolidation or merger by a
holder of the number of shares of Series A Preferred Stock purchasable by the
Warrantholder immediately prior to such reclassification, reorganization,
change, consolidation or merger, and in any such case appropriate provisions
shall be made with respect to the rights and interest of the Warrantholder to
the end that the provisions hereof shall thereafter be applicable in relation
to any shares of stock and other securities and property thereafter deliverable
upon exercise hereof.

 

(b)  If, prior to the exercise of this Warrant,
all of the outstanding shares of Series A Preferred Stock are converted into
Common Stock of the Company in accordance with the terms of the Certificate of
Designation of the Company, then, effective upon such conversion, (i) this
Warrant shall thereafter be exercisable for such number of shares of Common
Stock as is equal to the number of shares of Common Stock that the shares of
Series A Preferred Stock that would have been previously issuable hereunder
would be convertible into, (ii) the Exercise Price shall be the aggregate
Exercise Price in effect immediately prior to such conversion divided by

 

3

 

the number of shares of Common Stock then so issuable hereunder, and
(iii) all references in this Warrant to “Series A Preferred Stock” or “Warrant
Shares” shall thereafter be deemed to refer to “Common Stock.”

 

Section
6.  Reservation and Authorization of
Series A Preferred Stock.  The
Company shall at all times reserve and keep available for issuance such number
of its authorized but unissued shares of Series A Preferred Stock as will be
sufficient to permit the exercise of this Warrant.

 

Section
7.  Stock Books.  The Company will not at any time, except
upon dissolution, liquidation or winding up or in accordance with Section 5,
close its stock books so as to result in preventing or delaying the exercise of
this Warrant during normal business hours.

 

Section
8.  Limitation of Liability.  Except as provided in Section 3(b),
no provisions hereof, in the absence of affirmative action by the Warrantholder
to purchase the Warrant Shares hereunder, shall give rise to any liability of
the Warrantholder to pay the Exercise Price or as a stockholder of the Company
(whether such liability is asserted by the Company or creditors of the
Company).

 

Section
9.  Legend. Each stock
certificate representing Warrant Shares shall bear a legend substantially in
the following form:

 

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER APPLICABLE STATE SECURITIES LAWS,
AND MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION UNDER THE ACT OR IN A TRANSACTION WHICH QUALIFIES
AS AN EXEMPT TRANSACTION UNDER THE ACT, THE RULES AND REGULATIONS PROMULGATED
THEREUNDER AND THE SECURITIES LAW OF ANY APPLICABLE STATE.”

 

Section
10.  Transfer.  Subject to compliance with the Securities
Act and the applicable rules and regulations promulgated thereunder, the Holder
may transfer this Warrant, in whole but not in part, to any of its Affiliates
without the consent of the Company.  Any
such transfer shall be made at the office or agency of the Company at which
this Warrant is exercisable, by the registered holder hereof in person or by
its duly authorized attorney, upon surrender of this Warrant together with the
assignment hereof properly endorsed, and promptly thereafter a new warrant
shall be issued and delivered by the Company, registered in the name of the
assignee.  Until registration of
transfer hereof on the books of the Company, the Company may treat the Holder
as the owner hereof for all purposes.

 

Section
11.  Loss, Destruction, Etc. of
Warrant.  Upon receipt of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and, in the case of any such mutilation, upon
surrender and cancellation of this Warrant, the Company will make and deliver,
in lieu of such lost, stolen, destroyed or mutilated Warrant, a new warrant of
like tenor and representing the right to purchase the Warrant Shares.

 

4

 

Section
12.  Amendments.  The terms of this Warrant may be amended,
and the observance of any term herein may be waived, but only with the written
consent of the Company and the Warrantholder.

 

Section 13.  Notices.  All notices or other communications required or permitted
hereunder shall be in writing and shall be deemed given or delivered (a) when
delivered personally, (b) if transmitted by facsimile when confirmation of
transmission is received, (c) if sent by registered or certified mail, postage
prepaid, return receipt requested, three Business Days after mailing or (d) if
sent by reputable overnight courier service, one Business Day after delivery to
such service; and shall be addressed as follows:

 

	
  If to the Company, to:

  	
   

  	
  with a copy to:

  
	
   

  	
   

  	
   

  
	
  Genaissance Pharmaceuticals, Inc.

  Five Science Park

  New Haven, Connecticut 06511

  Attention:  Chief Financial Officer

  Facsimile:  (203) 786-3567

  	
   

  	
  Hale and Dorr LLP

  60 State Street

  Boston, Massachusetts 02109

  Attention:  Steven D. Singer, Esq.

  Facsimile:  (617) 526-5000

  
	
   

  	
   

  	
   

  
	
  If to the Holder, to:

  	
   

  	
  with a copy to:

  
	
   

  	
   

  	
   

  
	
  RAM Trading, Ltd.

  c/o Ritchie Capital Management, LLC

  2100 Enterprise Avenue

  Geneva, Illinois 60134

  Attention:  Jon Lewis, General Counsel

  Facsimile:  (630) 232-4407

  	
   

  	
  Sidley Austin Brown & Wood LLP

  Bank One Plaza

  10 South Dearborn Street

  Chicago, Illinois  60603

  Attention:  Jon A. Ballis, Esq.

  Facsimile:  (312) 853-7036

  

 

Section
14.  Successors and Assigns.  This Warrant shall bind and inure to the
benefit of and be enforceable by the parties hereto and their respective
permitted successors and assigns.

 

Section
15.  Governing Law.  This Warrant and the obligations arising
hereunder shall be governed by, and construed and enforced in accordance with,
the laws of the State of Delaware (other than its conflicts of law provisions).

 

Section
16.  No Stockholder Rights With
Respect to Warrant Shares.  Until
the Warrant Shares subject to this Warrant are issued to the Warrantholder upon
exercise of this Warrant, the Warrantholder shall have no right to vote the
Warrant Shares in connection with any matters to which holders of Series A
Preferred Stock are entitled to vote and shall have no rights as a stockholder
of the Company with respect to the Warrant Shares.

 

[SIGNATURE PAGE FOLLOWS]

 

5

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by a duly
authorized officer as of October 29, 2003.

 

	
   

  	
  GENAISSANCE
  PHARMACEUTICALS,

  INC., a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:  

  	
  /s/ Ben D. Kaplan

  	
   

  
	
   

  	
   

  	
  Name:  Ben D.
  Kaplan

  
	
   

  	
   

  	
  Title: 
  Senior VP & CFO

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  Five Science Park

  New Haven, Connecticut 06511

  
	
   

  	
  Attention: 
  Chief Financial Officer

  
	
   

  	
  Fax: (203) 786-3567

  
	
   

  	
   

  
	
   

  	
   

  
	
  AGREED AND ACKNOWLEDGED

  	
   

  
	
  AS OF OCTOBER 29, 2003:

  	
   

  
	
   

  	
   

  
	
  RAM
  TRADING, LTD.,

  	
   

  
	
  a Cayman Islands exempted company

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/ James R. Park

  	
   

  	
   

  
	
   

  	
  Name:  James
  R. Park

  	
   

  
	
   

  	
  Title:  VP
  Ritchie Capital Management, LLC

            
  Investment Advisor to RAM Trading, Ltd.

  	
   

  
						

 

Signature
page

to the

Warrant

 

 

EXERCISE NOTICE

 

(to be executed only upon
exercise of Warrant)

 

	
  To:

  	
   

  	
  Genaissance Pharmaceuticals, Inc.

  
	
   

  	
   

  	
  Five Science Park

  New Haven, Connecticut 06511

  
	
   

  	
   

  	
  Attention: 
  Chief Financial Officer

  

 

The undersigned,
pursuant to the provisions set forth in the attached Warrant, hereby
irrevocably elects to purchase all of the Warrant Shares covered by such
Warrant and herewith makes payment of the aggregate Exercise Price as provided
for in such Warrant.

 

The Warrant Shares
shall be registered in the name of the following Person: 

                                                                              .

 

	
   

  	
  Dated: 

  	
   

  	
   

  	
  Name: 

  	
   

  	
   

  
	
   

  
	
   

  	
  Signature:

  	
   

  	
   

  
	
   

  
	
   

  	
  Address:EXHIBIT
10.45

 

AMENDMENT
NO. 2 TO EXECUTIVE SALARY CONTINUATION AGREEMENT

 

 

WHEREAS, an
executive salary continuation agreement (the “Agreement”) was entered into and
made effective as of June 7, 2000, at Clovis, California, County of Fresno,
State of California, by and between Clovis Community Bank and Daniel J.
Doyle (hereinafter referred to as “Executive”); and

 

WHEREAS, Clovis
Community Bank changed its name to Central Valley Community Bank
(hereinafter referred to as “Employer” or “Bank”), effective as of April 29,
2002; and

 

WHEREAS,
Employer and Executive entered into that certain Amendment No. 1 to the
Agreement as of October 16, 2002; and

 

WHEREAS,
Employer desires to increase the Retirement Benefit payable to the Executive
under the Agreement; and

 

WHEREAS,
Employer and Executive desire to amend and restate the Agreement as set forth
herein, effective as of April 1, 2003;

 

For good and
valuable consideration, receipt of which is hereby acknowledged, the Agreement
is hereby amended and restated in its entirety as follows:

 

 

CENTRAL
VALLEY COMMUNITY BANK

EXECUTIVE
SALARY CONTINUATION AGREEMENT

 

(2003
Restatement)

 

1.01         Synopsis.  This document sets forth the Executive
Salary Continuation Agreement (the “Agreement”), established and maintained by
Central Valley Community Bank (the “Bank”) for benefit of Daniel J. Doyle (the
“Executive”).  The Agreement shall
provide a benefit upon normal retirement on or after December 31, 2010 of
$150,000 annually for 15 years. 
Benefits are also provided upon Early Retirement after age 60, upon
disability before December 31, 2010, or (in a lump sum) following Involuntary
Termination or Change of Control before December 31, 2010.  There are no benefits hereunder upon the
Executive’s death.  Benefits shall be
paid from the general funds of the Bank. 
The Compensation Committee as Administrator shall interpret and
implement this Agreement.

 

PARTICIPATION

 

2.01         Executives.  The sole participant hereunder shall be
Daniel J. Doyle.

 

BENEFITS

 

3.01         Normal Retirement
Benefits.  The Bank will pay to the
Executive, commencing as of the first day of the month following Normal
Retirement, an annual Normal Retirement Benefit of $150,000 per year for
fifteen years.  The annual benefit shall
be increased as provided in Section 3.09.

 

Normal
Retirement is the first date on which the Executive has ceased employment with
the Bank for any reason (voluntarily or involuntarily) other than death or
termination for Cause (as defined in Section 3.07) on or after December 31,
2010.

 

3.02         Early Retirement
Benefits.   The Bank will pay to the
Executive, commencing as of the first day of the month following Early
Retirement, the annual Early Retirement benefit amount set forth in Column C of
Exhibit A attached hereto and fully incorporated by reference for fifteen
years.  The annual benefit shall be
increased as provided in Section 3.09.

 

Early
Retirement is the first date on which the Executive has voluntarily ceased
employment with the Bank on or after attaining age 60 but before December 31,
2010.  There shall be no benefit
hereunder if the Executive terminates service by the Executive’s voluntary
action (other than following a Change of Control, below) before attaining age
60.

 

3.03         Involuntary
Termination.  In the event that the
Bank shall discharge the Executive without Cause (as defined in Section 3.07)
before December 31, 2010, then the Executive shall be entitled to receive the
benefit amount set forth in Column D of Exhibit A attached hereto and fully
incorporated by reference.

 

3.04         Disability.  In the event the Executive shall become
disabled prior to any termination of service before December 31, 2010, and the
Executive’s employment is terminated because of such disability, the Executive
shall be entitled to receive the annual benefit amount set forth in Column E of
Exhibit A attached hereto and fully incorporated by reference for fifteen
years. The annual benefit shall be increased as provided in Section 3.09.

 

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

 

3.05         Change of Control.  Change of Control shall be deemed to be the
cumulative transfer of more than fifty percent (50%) of the voting stock of the
Bank from the Effective Date under Section 4.07, below.  For the purposes of this Agreement,
transfers on account of deaths or gifts, transfers between family members or
transfers to a qualified retirement plan maintained by the Bank shall not be
considered in determining whether there has been a Change of Control.  If within twenty-four (24) months after a
Change of Control and before December 31, 2010 the 

 

2

 

Executive subsequently suffers
a termination of service with the Bank (voluntarily or involuntarily) except
for Cause, disability or death, or if during such twenty-four month period any
of the following occur:  (a) a change of
the Executive’s status as President and Chief Executive Officer of the Bank or
a higher position if Executive has been serving in that capacity, (b) any
decrease in Executive’s total compensation, (c) material changes in Executive’s
duties and authority, and/or (d) change in Executive’s office location more
than thirty (30) miles from Clovis, California, then the Executive shall
receive the amount set forth in Column F of Exhibit A attached hereto and fully
incorporated by reference.

 

Notwithstanding the foregoing, the combined compensation from this
Change of Control benefit and any other benefit payable under this Agreement,
any other contract provision between the parties, or otherwise, on a Change of
Control may be increased or decreased (to reflect the consequences of Sections
280G and 4999 of the Internal Revenue Code, as amended from time-to-time (the
“Code”)) in accordance with any other contractual provision between the
parties.

 

3.06         Death Benefit.  Upon the Executive’s death, there shall be
no benefit payable hereunder, but the Executive’s beneficiary shall instead
receive the benefit, if any, described in the Endorsement Method Split Dollar
Plan Agreement by and between the Bank and the Executive originally effective
June 7, 2000 (as it may be amended from time-to-time).

 

3.07         Forfeiture for Cause
or Competition.  In the event the
Executive shall be discharged for Cause at any time, all benefits provided
herein shall be forfeited.  The term for
“Cause” for purposes of this Agreement shall have the same meaning as in any
employment agreement between the Bank and Executive then in effect, or if there
is no such agreement, then the term “Cause” shall mean any of the following
that result in an adverse effect on the Bank: 
(i) gross negligence or gross neglect; (ii) the commission of a felony
or gross misdemeanor involving moral turpitude, fraud, or dishonesty; (iii) the
willful violation of any law, rule, or regulation (other than a traffic
violation or similar offense); (iv) an intentional failure to perform stated
duties; or (v) a breach of fiduciary duty involving personal profit.  If a dispute arises as to discharge for
“Cause”, such dispute shall be resolved by arbitration as set forth in this
Agreement.

 

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, or participates in, directly or indirectly, either as an
employee, employer, consultant, agent, principal, partner, stockholder,
corporate officer, director, or in any other individual or representative
capacity, any competing banking business; provided, however, Employee shall not
be restricted by this Section from owning securities of corporations listed on
a national securities exchange or regularly traded by national securities
dealers so long as such investment securities of such corporation.  The preceding sentence shall not apply
following a Change of Control.

 

3.08         Form of Benefits.  The annual benefit amount payable following
Normal Retirement, Early Retirement, or Disability shall be paid in equal
monthly installments (1/12 of the annual benefit) for a period of one hundred
and eighty (180)) months; provided, however, that such benefits shall cease
upon the Executive’s death.  The benefit
amounts payable following Involuntary Termination under Section 3.03 above and
following a Change of Control under Section 3.05 above shall be payable in a
lump sum within 30 days following the event.

 

3.09         Cost of Living
Adjustment.  The annual benefit
amount payable each year following Normal Retirement, Early Retirement, or
Disability as set forth in Exhibit A shall be increased by three percent (3%)
from the previous year’s benefit amount.

 

3.10         12 U.S.C. Section
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. Section 1828(k) or any
regulations thereunder.

 

3.11         Change in Tax and
Accounting Rules.  The Bank is
entering into this Agreement upon the assumption that certain existing tax and
accounting laws, rules and regulations will continue in effect in their current
form.  If any said assumptions should
change and said change has or could have an adverse impact on the Bank
resulting from the Bank’s continued performance of this Agreement, then the
Bank reserves the right to terminate or 

 

3

 

modify this Agreement
accordingly.  Upon consummation of a
Change of Control, this section shall become null and void effective
immediately.

 

ADMINISTRATIVE
PROVISIONS

 

4.01         Administrator.  The Administrator shall have discretion to
operate, interpret, and implement this Agreement.  The Administrator shall be an individual appointed by the Bank
or, if no individual is so appointed, the Executive Compensation and Management
Resources Committee of the Board of Directors of the Bank, or such other
Committee as may be appointed by the Board of Directors of the Bank, or if
there be no such Committee, the Bank shall be the Administrator.  The Administrator’s decisions and
determinations (including determinations of the meaning and reference of terms
used in this Agreement) shall be conclusive upon all persons.

 

4.02         Alienation of Benefits.  Benefits are not subject to alienation,
anticipation or assignment by the Executive and are not subject to being
attached or reached and applied by any creditor of the Executive.

 

4.03         Withholding.  The Bank reserves the right to withhold from
payment of contributions or benefits such amount of income, payroll, and other
taxes as the Bank determines is advisable.

 

4.04         Source of Benefits.  Benefits shall be paid from the general
assets of the Bank and shall not be funded, by trust or otherwise.  The Executive shall not have a right to a
benefit hereunder greater than that of an unsecured general creditor of the
Bank.  Nothing herein shall be deemed to
create a trust of any kind or to create any fiduciary relationship whatsoever.

 

4.05         Intent.  This Agreement is intended to be unfunded
and maintained by the Bank primarily for the purpose of providing deferred
compensation for a select management or highly compensated employee within the
meaning of Section 201(2) of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”).  Benefits
are intended not to be taxable to a Executive under the Internal Revenue Code
of 1986 as amended (the “Code”) until paid.  
This Agreement shall be construed and interpreted in a manner consistent
with the foregoing intentions.

 

4.06         Governing Law.  This Agreement shall be governed by the law
of the State of California to the extent that it is not preempted by federal
law.

 

4.07         Effective Date.  This Agreement restatement shall be
effective as of April 1, 2003.

 

4.08         Plan Year.  The Plan Year of this Agreement shall be the
12-month period ending December 31.

 

4.09         Entire Agreement.  This document constitutes the entire
agreement between the Bank and the Executive with respect to the subject matter
thereof and cannot be modified by any oral statement or otherwise except as
provided in Section 4.10.

 

4.10         Amendment or
Termination.  This Agreement may be
terminated or amended, in whole or in part, at any time only by a written
instrument executed by the Bank and by the Executive.

 

4.11         No Contract of
Employment.  This Agreement shall
not constitute an express or implied contract of employment between the Bank and
the Executive.

 

4.12         Successors; Change of
Control.  This Agreement shall be
binding on any successor-in-interest of the Bank, and no agreement with respect
to merger, sale or transfer of substantially all of the assets of the Bank
shall be effective unless the successor agrees to assume all liabilities
hereunder.

 

4.13         Receipts
and Release.  Any payment to the
Executive in accordance with the provisions of the Agreement shall be in full
satisfaction of all claims against the Bank (or any affiliate thereof) for any
reason, and the Administrator may require the Executive, as a condition
precedent to such payment, to execute a receipt and release 

 

4

 

to such effect.  Such receipt and release may also contain non-solicitation
of employees, non-competition, and/or confidentiality provisions.

 

4.14         Accounting.  The Bank shall account for this benefit
using the regulatory accounting principles of the Bank’s primary federal
regulator.

 

CLAIMS
PROCEDURE

 

5.01         Claims and Review.  All inquiries and claims respecting the
Agreement shall be in writing and shall be directed to the Administrator at
such address as may be specified from time to time.

 

(a)           Claims.  In the case of a claim respecting a benefit
under the Agreement, a written determination allowing or denying the claim
shall be furnished by the Administrator to the claimant promptly upon receipt
of the claim.  A denial or partial
denial of a claim shall be dated and signed by the Administrator and shall
clearly set forth:  (1) the specific
reason or reasons for the denial; (2) specific reference to pertinent Agreement
provisions on which the denial is based; (3) a description of any additional
material or information necessary for the Executive to perfect the claim and an
explanation of why such material or information is necessary; and (4) an
explanation of the review procedure set forth below.

 

If no written determination is furnished to the Executive within thirty
(30) days after receipt of the claim, then the claim shall be deemed denied and
the thirtieth (30th) day after such receipt shall be the determination date.

 

(b)           Review.  The Executive may obtain review of an
adverse determination by filing a written notice of appeal with the
Administrator within sixty (60) days after the determination date or, if later,
within sixty (60) days after the receipt of a written notice denying the
claim.  Thereupon the Administrator
shall appoint one or more persons who shall conduct a full and fair review,
which shall include the right:  (1) to
be represented by a spokesman; (2) to present a written statement of facts and
of the Executive’s interpretation of any pertinent document, statute or
regulation; and (3) to receive a prompt written decision clearly setting forth
findings of fact and the specific reasons for the decision written in a manner
calculated to be understood by the Executive and containing specific references
to pertinent Agreement provisions on which the decision is based.  A decision shall be rendered no more than
sixty (60) days after the request for review, except that such period may be
extended for an additional sixty (60) days if the person or persons reviewing
the claim determine that special circumstances, including the advisability of a
hearing, require such extension.  The
Administrator may appoint itself, one or more of its members, or any other
person or persons whether or not connected with the Bank to review a claim.

 

(c)           Arbitration.  If the Executive continues to dispute the
benefit denial based upon completed performance of this Agreement or the
meaning and effect of the terms and conditions thereof, then the Executive may
submit the dispute to binding arbitration, pursuant to the Employment Dispute
Resolution rules and regulations of the American Arbitration Association.  The parties hereto agree that they and their
heirs, personal representatives, successors and assigns shall be bound by the
decision of such arbitrator with respect to any controversy properly submitted
to it for determination and ACKNOWLEDGE AND AGREE THEY ARE WAIVING THEIR RIGHT
TO A COURT OR A JURY TRIAL.

 

Where a dispute arises as to the Bank’s discharge of the Executive for
“cause”, such dispute shall likewise be submitted to arbitration as
above-described and the parties hereto agree to be bound by the decision
hereunder.

 

All applicable
governmental regulations regarding claims and review shall be observed.

 

5

 

EXECUTED this 22
day of October , 2003.

 

CENTRAL VALLEY COMMUNITY BANK

 

	
   

  	
  By: 

  	
  /s/Daniel Cunningham

  	
   

  
	
   

  	
  Title: 

  	
  Chairman of the Board

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
  /s/Daniel J. Doyle

  	
   

  
	
   

  	
  Daniel J. Doyle

  
							

 

6

 

EXHIBIT A

 

Central
Valley Community Bank

Clovis,
California

 

Amount
payable based on Time of Event

 

	
  (A)

  	
   

  	
  (B)

  	
   

  	
  (C)

  	
   

  	
  (D)

  	
   

  	
  (E)

  	
   

  	
  (F)

  	
   

  
	
  Time of 

  Event

  	
   

  	
  Normal

  Retirement Benefit*

  	
   

  	
  Early

  Retirement

  Vested Benefit*

  	
   

  	
  Involuntary

  Termination of Service

  Vested Benefit**

  	
   

  	
  Disability

  Vested Benefit*

  	
   

  	
  Change of

  Control

  Vested Benefit**

  	
   

  
	
  On or after 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12/31/02 

  	
   

  	
  0

  	
   

  	
  0

  	
   

  	
  42,425 

  	
   

  	
  19,059 

  	
   

  	
  1,669,531

  	
   

  
	
  12/31/03 

  	
   

  	
  0

  	
   

  	
  0

  	
   

  	
  97,963 

  	
   

  	
  29,339 

  	
   

  	
  1,669,531 

  	
   

  
	
  12/31/04 

  	
   

  	
  0

  	
   

  	
  0

  	
   

  	
  183,313 

  	
   

  	
  41,175 

  	
   

  	
  1,669,531

  	
   

  
	
  12/31/05 

  	
   

  	
  0

  	
   

  	
  27,261

  	
  ***

  	
  303,420 

  	
   

  	
  54,522 

  	
   

  	
  1,669,531

  	
   

  
	
  12/31/06 

  	
   

  	
  0

  	
   

  	
  41,723

  	
   

  	
  464,381 

  	
   

  	
  69,538 

  	
   

  	
  1,669,531

  	
   

  
	
  12/31/07 

  	
   

  	
  0

  	
   

  	
  60,477

  	
   

  	
  673,118 

  	
   

  	
  86,395 

  	
   

  	
  1,669,531

  	
   

  
	
  12/31/08 

  	
   

  	
  0

  	
   

  	
  84,277

  	
   

  	
  937,463

  	
   

  	
  105,284 

  	
   

  	
  1,669,531

  	
   

  
	
  12/31/09 

  	
   

  	
  0

  	
   

  	
  113,769

  	
   

  	
  1,266,271

  	
   

  	
  126,410 

  	
   

  	
  1,669,531

  	
   

  
	
  12/31/10 or 

  	
   

  	
  150,000

  	
   

  	
  N/A

  	
   

  	
  N/A

  	
   

  	
  N/A

  	
   

  	
  N/A

  	
   

  
	
  later

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

*       Annual
Benefit payable for 15 years, subject to 3% annual increase 

**     Lump
sum benefit 

***   Available
only for early retirement after attaining age 60

 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]