Document:

Exhibit 10.8

 

SUPPLEMENTAL EXECUTIVE

RETIREMENT
BENEFITS AGREEMENT

 

This Supplemental Executive Retirement Benefits Agreement (this
“Agreement”) is made as of the 27th day of June, 2003, by and between Business
Bank of California, a California banking corporation (“Bank”), and Alan J.
Lane, an individual (“Executive”).

 

RECITALS

 

A.                                   Executive is a valued employee of Bank.

 

B.                                     Bank desires to retain Executive as an
employee of Bank and believes that Executive’s contribution to the business of
Bank has not been fully reflected in the compensation of the Executive.

 

C.                                     Bank desires to incentivize Executive to
remain in the employ of the Bank.

 

D.                                    Bank desires to provide for the
post-retirement needs of its employees in a responsible manner.

 

E.                                      Bank desires to make available to Executive
certain supplemental retirement benefits, and Executive desires to enter into
an arrangement for such supplemental retirement benefits.

 

AGREEMENT

 

NOW, THEREFORE, the parties hereto, for and
in consideration of the foregoing and the mutual promises contained herein and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, intending to be legally bound hereby, do agree as
follows:

 

1.                                       Supplemental
Retirement Benefits. 
Bank hereby establishes an unfunded retirement plan, the obligations
under which shall be reflected on the general ledger of Bank (the “Retirement
Account”).  The Retirement Account shall
be an unsecured liability of Bank to Executive, payable only as provided herein
from the general funds of Bank.  The
Retirement Account is not a deposit or insured by the FDIC and does not
constitute a trust account or any other special obligation of Bank and does not
have priority of payment over any other general obligation of Bank.

 

2.                                       Payment of
Benefits.

 

(a)                                  On-Time Retirement.  If Executive remains in the continual
employment of Bank (except for such breaks in service prescribed by law, such
as the Family and Medical Leave Act, or as otherwise agreed in a writing
expressly authorized by the Board of Directors of Bank) until age 55 of
Executive (the “Full Benefits Date”), then upon the Full Benefits Date or, if
later, the date (the “Retirement Date”) on which Executive’s employment with
the Bank is terminated for any reason other than For Cause (as hereinafter
defined), Bank shall pay to Executive the On-Time Regular Benefit (as defined
in Exhibit A
hereto) annually, payable monthly beginning on the first business day of the
first calendar month after the Retirement Date and on the first business day of
each month thereafter until (but including) the fifteenth (15th) anniversary of
the Retirement Date.

 

(b)                                 Involuntary
Termination.  If Executive’s
employment is terminated by Bank (rather than by Executive) prior to the Full
Benefits Date other than For Cause (as defined below), Bank shall pay to Executive the Limited Benefit (as
hereinafter defined) annually, payable monthly beginning on the Full Benefits
Date, and thereafter on the first business day of each month thereafter until
(but including) the fifteenth (15th) anniversary of the Full Benefits
Date.  For the purposes of this
Agreement, the “Limited Benefit” shall be
the amount set forth on Exhibit A corresponding to the age of
Executive when Executive’s employment is terminated by Bank.

 

(c)                                  Voluntary
Termination.  Except as provided in
Section 6 below, Executive shall not

 

1

 

be entitled to any benefits
under this Agreement if Executive’s employment is terminated by Executive prior
to the Full Benefits Date for any reason other than Substantial Disability.

 

(d)                                 Disability.  If Executive becomes Substantially Disabled
(as hereinafter defined) and Executive’s employment with Bank is terminated by
Bank prior to the Full Benefits Date as a result, Executive shall become
entitled to the Limited Benefit (in the amount corresponding to the age of
Executive at the time Substantial Disability is determined) in accordance with
Subsection 2(b) above, payable commencing on the first business day of the
calendar month immediately following the determination of Substantial
Disability.  For purposes of this
Agreement, the term “Substantial Disability” shall mean the Executive’s
suffering a sickness, accident or injury which has been determined by the
carrier of any individual or group disability policy covering Executive, by the
Social Security Administration or, at the request of Executive, by a licensed
physician selected by Bank, to be a disability rendering Executive totally and
permanently disabled.  Executive must
submit proof to Bank of the carrier’s or Social Security Administration’s
determination upon the request of Bank.

 

(e)                                  Discharge for
Cause.  Any other provision of this
Agreement to the contrary notwithstanding, if Executive’s employment by Bank is
terminated as a result of, or in connection with: (i) regulatory suspension or
removal of Executive from duty with Bank; (ii) gross and consistent dereliction
of duty by Executive; (iii) breach of fiduciary duty involving personal profit by
Executive; (iv) willful violation of any banking law or regulation; or (v)
conviction of a felony or crime of moral turpitude (any of the foregoing
referred to herein collectively as “For Cause”), then Executive shall not be
entitled to any supplemental retirement benefits provided for in this Agreement
and this Agreement may be terminated by Bank without any liability
whatsoever.  The obligation of Bank to
make any payments contemplated under this Agreement shall be suspended during
the pendency of any indictment, information or similar charge regarding a
felony or crime of moral turpitude, during any regulatory or other adjudicative
proceeding concerning regulatory suspension or removal or, for a reasonable
time (not to exceed ninety days), while the board of directors of Bank seeks to
determine whether Executive could have been terminated For Cause even though
Executive may have previously retired, resigned, become Substantially Disabled
or been discharged other than For Cause. 
If during such period the board of directors determines that the
Executive could have been discharged For Cause, this subsection (e) shall be
applicable as if the Executive had been discharged For Cause.

 

(f)                                    Death of
Executive.  Any provision of this Agreement to the contrary notwithstanding, this
Agreement shall automatically terminate upon the death of Executive and neither
Executive nor Executive’s estate shall be entitled to any benefits hereunder
(or, to the extent that the payment of benefits had already commenced at the time
of Executive’s death, neither Executive nor Executive’s estate shall be
entitled to any further benefits).

 

3.                                       Intent of
Parties.  Bank and Executive intend
that this Agreement shall primarily provide supplemental retirement benefits to
Executive as a member of a select group of management or highly compensated
employees of Bank for purposes of the Employee Retirement Income Security Act
of 1974, as may be amended (“ERISA”).

 

4.                                       ERISA
Provisions.

 

(a)                                  The following
provisions in this Agreement are part of this Agreement and are intended to
meet the requirements of the Employee Retirement Income Security Act of 1974
(ERISA).

 

(b)                                 The “Named Fiduciary”
is Business Bank of California.

 

(c)                                  The general corporate
funds of Bank are the basis of payment of benefits under this Agreement.

 

(d)                                 For claims procedure
purposes, the “Claims Manager” shall be the Chief Executive Officer of the Bank
or such other person named from time to time by notice to Executive.

 

(i)                                     If
for any reason a claim for benefits under this Agreement is denied by

 

2

 

Bank, the Claims Manager shall
deliver to the claimant a written explanation setting forth the specific
reasons for the denial, pertinent references to the Agreement section on which
the denial is based, such other data as may be pertinent and information on the
procedures to be followed by the claimant in obtaining a review of his/her
claim, all written in a manner calculated to be understood by the claimant for
this purpose:

 

(1)                                  The
claimant’s claim shall be deemed filed when presented orally or in writing to
the Claims Manager.

 

(2)                                  The
Claims Manager’s explanation shall be in writing delivered to the claimant
within 90 days of the date the claim is filed.

 

(ii)                                  The
claimant shall have 60 days following his/her receipt of the denial of the
claim to file with the Claims Manager a written request for review of the
denial.  For such review, the claimant
or his/her representative may submit pertinent documents and written issues and
comments.

 

(iii)                               The
Claims Manager shall decide the issue on review and furnish the claimant with a
copy within 60 days of receipt of the claimant’s request for review of his/her
claim.  The decision on review shall be
in writing and shall include specific reasons for the decision, written in a
manner calculated to be understood by the claimant, as well as specific
references to the pertinent Agreement provisions on which the decision is
based.  If a copy of the decision is not
so furnished to the claimant within such 60 days, the claim shall be deemed
denied on review.

 

(e)                                  The
Claims Manager has discretionary authority to determine eligibility for
benefits.

 

5.                                       Funding by
Bank.

 

(a)                                  Bank shall be under
no obligation to set aside, earmark or otherwise segregate any funds with which
to pay its obligations under this Agreement. 
Executive shall be and remain an unsecured general creditor of Bank with
respect to Bank’s obligations hereunder. 
Executive shall have no property interest in the Retirement Account or
any other rights with respect thereto.

 

(b)                                 Bank, in its sole
discretion, may determine the exact nature and method of funding (if any) of
the obligations under this Agreement.

 

(c)                                  If Bank, in its sole
discretion, elects to invest in a life insurance, disability or annuity policy
on the life of Executive, Executive shall assist Bank, from time to time,
promptly upon the request of Bank, in obtaining such insurance policy by
supplying any information necessary to obtain such policy as well as submitting
to any physical examinations required therefor. Bank shall be responsible for
the payment of all premiums with respect to any whole life, variable, or
universal life insurance, disability or annuity policy purchased in connection
with this Agreement unless otherwise expressly agreed.

 

6.                                       Effect of
Change in Control.

 

(a)                                  Upon the occurrence
of a Change in Control (as hereinafter defined) of Bank (except (i) in an
internal reorganization which does not affect the ultimate beneficial ownership
of the Bank or (ii) if consented to by Executive in writing), Executive shall
be entitled at any time thereafter to declare himself to have been terminated
other than For Cause; provided that Executive shall be deemed 100% vested and
thus entitled to the On-Time Regular Benefit. 
Upon giving notice thereof to Bank, which notice shall include a
resignation conditioned upon the applicability of this section, Executive shall
be entitled to the On-Time Regular Benefit, payable beginning at age 55 of
Executive and  in accordance with
Section 2(a) hereof.

 

(b)                                 For purposes of this
Agreement, the occurrence of a “Change in Control” shall mean

 

3

 

the occurrence of any of the
following:

 

(i)                                     an
“acquisition of control” of Bank as such term is used under the Change in Bank
Control Act, as amended (12 U.S.C. ‘ 1817(j)), and related regulations of
the Federal Reserve Board, which is not rebutted in the manner provided for
therein;

 

(ii)                                  any
merger, consolidation or share exchange of Bank where Bank is not the survivor
of such merger or consolidation,  Bank
issues an amount of capital stock (other than in a bona fide public offering)
equal in voting power to 50% or more of the then outstanding Common Stock, or
the then outstanding Common Stock of Bank is converted into or exchanged for
cash or any other form or kind of security, regardless of the issuer thereof;

 

(iii)                               Bank
shall sell all or a majority of its assets or its deposit liabilities;

 

(iv)                              three
or more persons other than those nominated by the Board of Directors of Bank
shall be elected to the Board of Directors of Bank; or

 

(v)                                 Bank
shall have entered into any understanding or agreement which if consummated
would reasonably lead to the occurrence of one or more of the foregoing items
(i) through (iv).

 

 

7.                                       [Reserved].

 

8.                                       Employment of
Executive; Other Agreements.   The
benefits provided for herein for Executive are supplemental retirement benefits
and shall not be deemed to modify, affect or limit any salary or salary
increases, bonuses, profit sharing or any other type of compensation of
Executive in any manner whatsoever.  No
provision contained in this Agreement shall in any way affect, restrict or
limit any existing employment agreement between Bank and Executive, nor shall
any provision or condition contained in this Agreement create specific
employment rights of Executive or limit the right of Bank to discharge
Executive with or without cause.  
Nothing contained in this Agreement shall affect the right of Executive
to participate in or be covered by or under any qualified or non-qualified
pension, profit sharing, group, bonus or other supplemental compensation,
retirement or fringe benefit plan constituting any part of Bank’s compensation
structure whether now or hereinafter existing.

 

9.                                       Confidentiality.  In further consideration of the mutual
promises contained herein, Executive agrees that the terms and conditions of
this Agreement, except as such may be disclosed in financial statements and tax
returns, or in connection with estate planning, are and shall forever remain
confidential until the death of Executive and Executive agrees that he/she
shall not reveal the terms and conditions contained in this Agreement at any
time to any person or entity, other than his/her financial and professional
advisors unless required to do so by a court of competent jurisdiction.

 

10.                                 Leave of Absence.  Bank may, in its sole discretion, permit
Executive to take a leave of absence for a period not to exceed one year.  Any such leave of absence must be approved
by the board of directors of Bank and reflected in its minutes.  During this time, Executive will still be
considered to be in the employ of Bank for purposes of this Agreement.

 

11.                                 Withholding.  Executive is responsible for payment of all
taxes applicable to compensation and benefits paid or provided to Executive
under this Agreement, including federal and state income tax withholding,
except Bank shall be responsible for payment of all employment (FICA) taxes due
to be paid by Bank pursuant to Internal Revenue Code § 3121(v) and
regulations promulgated thereunder (i.e., FICA taxes on the present value of
payments hereunder which are no longer subject to vesting).  Executive agrees that appropriate amounts
for withholding may be deducted from the cash salary, bonus or other payments
due to Executive by Bank.  If
insufficient cash wages are available or if Executive so desires, Executive may
remit payment in cash for the withholding amounts.

 

4

 

12.                                 Arbitration; Jury
Trial Waiver.

 

(a)                                  Except
as otherwise expressly provided herein or in any other subsequent written
agreement between Executive and Bank, any controversy or claim between
Executive and Bank, or between the respective successors or assigns of either,
or between Executive and any of Bank’s officers, employees, agents or
affiliated entities, arising out of or relating to this Agreement or any
representations, negotiations, or discussions leading up to this Agreement or
any relationship that results from any of the foregoing, whether based on
contract, an alleged tort, breach of warranty, or other legal theory (including
claims of fraud, misrepresentation, suppression of material fact, fraud in the
inducement, and breach of fiduciary obligation), and whether based on acts or
omissions occurring or existing prior to, at the time of, or after the
execution of this Agreement and whether asserted as an original or amended
claim, counterclaim, cross-claim, or otherwise, shall be settled by binding arbitration
pursuant to the Federal Arbitration Act (“FAA”), 9 U.S.C. § 1, et seq.; provided, however, that resort to
arbitration as provided in this Section 12 may only be had after exhaustion of
the claims procedure described in Subsection 4(d).  The arbitration shall be administered by the American Arbitration
Association (“AAA”) under its Commercial Arbitration Rules (the “Rules”), and
judgment on the award rendered by the arbitrator may be entered in any court
having jurisdiction thereof.  Any
dispute regarding whether a particular claim is subject to arbitration will be
decided by the arbitrator.  Any court of
competent jurisdiction may compel arbitration of claims pursuant to this
Agreement.

 

(b)                                 The
arbitrator shall be a practicing attorney or retired judge.  The arbitrator’s award must be based on
substantial evidence, and the arbitrator shall award only such remedy or relief
as a court of competent jurisdiction could properly award under applicable
law.  The initiation of arbitration in the
manner provided in the Rules shall be deemed the commencement of an action for
purposes of any applicable statute of limitation.  The arbitrator is empowered to decide (by documents only, or
after a preliminary hearing, at the arbitrator’s discretion) any pre-hearing
motion which is substantially similar to a motion to dismiss for failure to
state a claim or a motion for summary judgment.  Claims of or on behalf of other persons shall not be considered
by the arbitrator or consolidated with the arbitration proceedings pursuant to
this paragraph, unless all parties consent in writing.  At the written request of a party made prior
to the time the award is made, the arbitrator shall specify the factual and
legal bases for the award.

 

(c)                                  The
arbitrator may award to the prevailing party pre-and post-award expenses of the
arbitration, including the arbitrator’s fees and travel expenses,
administrative fees, out-of-pocket expenses such as copying and telephone,
court costs, witness fees, stenographer’s fees, and (if allowed by applicable
law) attorneys’ fees.  Otherwise, the
parties will share equally the arbitrator’s fee and travel expenses and
administrative fees, and each party will bear its own expenses.

 

(d)                                 This
agreement to arbitrate disputes will survive the payment of all obligations
under this Agreement and termination or performance of any transactions
contemplated hereby between Executive and Bank, and will continue in full force
and effect unless Executive and Bank otherwise expressly agrees in writing.  Executive and Bank acknowledge that the
transaction contemplated by this Agreement involves “commerce,” as that term is
defined in the FAA.

 

(e)                                  By
entering into this Agreement, Executive and Bank agree and acknowledge that:

 

(i)                                     by
agreeing to arbitrate disputes, Executive and Bank are giving up the right to
trial in a court and THE RIGHT TO TRIAL BY JURY of all claims that are subject
to arbitration under this Agreement;

 

(ii)                                  grounds
for appeal of the arbitrator’s decision are very limited; and

 

(iii)                               in
some cases the arbitrator may be employed by, or may have worked closely with,
a business in the same or a related type of business as the business engaged in
by Executive or Bank.

 

(f)                                    EXECUTIVE
AND BANK HEREBY WAIVE THE RIGHT TO TRIAL BY JURY OF ALL DISPUTES, CONTROVERSIES
AND CLAIMS BY, BETWEEN OR

 

5

 

AGAINST EXECUTIVE OR BANK, WHETHER THE
DISPUTE, CONTROVERSY OR CLAIM IS SUBMITTED TO ARBITRATION OR IS DECIDED BY A
COURT.

 

13.                                 Miscellaneous
Provisions.

 

(a)                                  Counterparts.  This Agreement may be executed
simultaneously in any number of counterparts. 
Each counterpart shall be deemed to be an original, and all such
counterparts shall constitute one and the same instrument.  This Agreement may be executed and delivered
by facsimile transmission of an executed counterpart.

 

(b)                                 Construction.
As used in this Agreement, the neuter gender shall include the masculine and
the feminine, the masculine and feminine genders shall be interchangeable among
themselves and each with the neuter, the singular numbers shall include the
plural, and the plural the singular. 
The term “person” shall include all persons and entities of every nature
whatsoever, including, but not limited to, individuals, corporations,
partnerships, governmental entities and associations.  The terms “including,” “included,” “such as” and terms of similar
import shall not imply the exclusion of other items not specifically
enumerated.

 

(c)                                  Severability.  If any provision of this Agreement or the
application thereof to any person or circumstance shall be held to be invalid,
illegal, unenforceable or inconsistent with any present or future law, ruling,
rule or regulation of any court, governmental or regulatory authority having
jurisdiction over the subject matter of this Agreement, such provision shall be
rescinded or modified in accordance with such law, ruling, rule or regulation
and the remainder of this Agreement or the application of such provision to the
person or circumstances other than those as to which it is held inconsistent
shall not be affected thereby and shall be enforced to the greatest extent
permitted by law.

 

(d)                                 Governing Law.  This Agreement is made in the State of
California and shall be governed in all respects and construed in accordance
with the laws of the State of California, without regard to its conflicts of
law principles, except to the extent superseded by the Federal laws of the
United States.

 

(e)                                  Binding Effect.  This Agreement is binding upon the parties,
their respective successors, assigns, heirs and legal representatives. Without
limiting the foregoing this Agreement shall be binding upon any successor of
Bank whether by merger or acquisition of all or substantially all of the assets
or liabilities of Bank. This Agreement may not be assigned by any party without
the prior written consent of each other party hereto.  This Agreement has been approved by the Board of Directors of
Bank and Bank agrees to maintain an executed counterpart of this Agreement in a
safe place as an official record of Bank.

 

(f)                                    No Trust.  Nothing contained in this Agreement and no
action taken pursuant to the provisions of this Agreement shall create or be
construed to create a trust of any kind, or a fiduciary relationship between
Bank and Executive, Executive’s designated beneficiary or any other person.

 

(g)                                 Assignment of
Rights.  None of the payments
provided for by this Agreement shall be subject to seizure for payment of any
debts or judgments against Executive or any beneficiary; nor shall Executive or
any beneficiary have any right to transfer, modify, anticipate or encumber any
rights or benefits hereunder; provided, however, that the undistributed portion
of any benefit payable hereunder shall at all times be subject to set-off for
debts owed by Executive to Bank.

 

(h)                                 Entire Agreement.  This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and all
prior or contemporaneous negotiations, agreements and understandings, whether
oral or written, are hereby superseded, merged and integrated into this
Agreement.

 

(i)                                     Notice.  Any notice to be delivered under this
Agreement shall be given in writing and delivered by hand, or by first class,
certified or registered mail, postage prepaid, addressed to the Bank or the
Executive, as applicable, at the address for such party set forth below or such
other address designated by notice.

 

6

 

	
   

  	
  Bank:

  	
   

  	
  Business
  Bank of California

  
	
   

  	
   

  	
   

  	
  1248 Fifth Avenue

  
	
   

  	
   

  	
   

  	
  San Rafael, CA  94901

  
	
   

  	
   

  	
   

  	
  Attn:      Charles
  Hall, CEO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Executive:

  	
   

  	
  Alan
  J. Lane

  
	
   

  	
   

  	
   

  	
  41090
  Avenida Verde

  
	
   

  	
   

  	
   

  	
  Temecula,
  CA  92591

  
	
   

  	
   

  	
   

  	
   

  
					

 

(j)                                     Non-waiver.  No delay or failure by either
party to exercise any right under this Agreement, and no partial or single
exercise of that right, shall constitute a waiver of that or any other right.

 

(k)                                  Headings.  Headings in this Agreement
are for convenience only and shall not be used to interpret or construe its
provisions.

 

(l)                                     Amendment.  No amendments or additions to
this Agreement shall be binding unless in writing and signed by both
parties.  No waiver of any provision
contained in this Agreement shall be effective unless it is in writing and
signed by the party against whom such waiver is asserted.

 

(m)                               Seal. The parties hereto intend this Agreement to have the effect of an
agreement executed under the seal of each.

 

[THE REMAINDER OF THIS PAGE
IS INTENTIONALLY LEFT BLANK.]

 

7

 

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

 

 

	
   

  	
  BANK:

  
	
   

  	
   

  
	
   

  	
  BUSINESS
  BANK OF CALIFORNIA

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
  Its

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Alan J. Lane

  

 

 

	
  STATE OF
  CALIFORNIA       

  	
  )

  
	
   

  	
  :

  
	
                      COUNTY              

  	
  )

  

 

 

I, the
undersigned, a notary public in and for said parish in said state, hereby
certify that
                            ,
whose name as 
                                     of
Business Bank of California, a California banking corporation, is signed to the
foregoing instrument, and who is known to me, acknowledged before me on this
day that, being informed of the contents of said instrument, he/she, as such
officer and with full authority, executed the same voluntarily for and as the
act of said corporation.

 

 

Given under my
hand and official seal this
               
day of
                    ,
2003.

 

 

	
   

  	
   

  
	
   

  	
  Notary Public

  
	
  [NOTARIAL SEAL]

  	
  My
  commission expires:

  	
   

  

 

8

 

	
  STATE OF CALIFORNIA

  	
  )

  
	
   

  	
  :

  
	
                      COUNTY      

  	
  )

  
			

 

 

 

I, the undersigned, a notary
public in and for said parish in said state, hereby certify that Alan J. Lane,
whose name is signed to the foregoing instrument, and who is known to me,
acknowledged before me on this day that, being informed of the contents of said
instrument, he/she executed the same voluntarily on the day the same bears
date.

 

Given under my hand and
official seal this
            day of
                     ,
2003.

 

 

	
   

  	
   

  
	
  [NOTARIAL SEAL]

  	
  Notary Public

  
	
   

  	
  My
  commission expires:

  	
   

  

 

9

 

Exhibit A

 

Vesting Schedule

 

 

The “On-Time Regular Benefit” shall be $100,000.

 

The “Limited Benefit” shall be:

 

 

	
  Age of Executive

  	
   

  	
  Limited
  Benefit

  	
   

  
	
  41

  	
   

  	
  $

  	
  0

  	
   

  
	
  42

  	
   

  	
  $

  	
  7,140

  	
   

  
	
  43

  	
   

  	
  $

  	
  14,280

  	
   

  
	
  44

  	
   

  	
  $

  	
  21,420

  	
   

  
	
  45

  	
   

  	
  $

  	
  28,560

  	
   

  
	
  46

  	
   

  	
  $

  	
  35,700

  	
   

  
	
  47

  	
   

  	
  $

  	
  42,840

  	
   

  
	
  48

  	
   

  	
  $

  	
  49,980

  	
   

  
	
  49

  	
   

  	
  $

  	
  57,120

  	
   

  
	
  50

  	
   

  	
  $

  	
  64,260

  	
   

  
	
  51

  	
   

  	
  $

  	
  71,400

  	
   

  
	
  52

  	
   

  	
  $

  	
  78,540

  	
   

  
	
  53

  	
   

  	
  $

  	
  85,680

  	
   

  
	
  54

  	
   

  	
  $

  	
  92,820

  	
   

  

 

10Exhibit 10.9

 

SUPPLEMENTAL EXECUTIVE

RETIREMENT BENEFITS AGREEMENT

 

 

This Supplemental
Executive Retirement Benefits Agreement (this “Agreement”) is made as of
the  27th day of June, 2003,
by and between Business Bank of California, a California banking corporation
(“Bank”), and Charles O. Hall, an individual (“Executive”).

 

RECITALS

 

A.            Executive is a
valued employee of Bank.

 

B.            Bank desires to
retain Executive as an employee of Bank and believes that Executive’s
contribution to the business of Bank has not been fully reflected in the
compensation of the Executive.

 

C.            Bank desires to
incentivize Executive to remain in the employ of the Bank.

 

D.            Bank desires to
provide for the post-retirement needs of its employees in a responsible manner.

 

E.             Bank desires to
make available to Executive certain supplemental retirement benefits, and
Executive desires to enter into an arrangement for such supplemental retirement
benefits.

 

AGREEMENT

 

NOW, THEREFORE, the parties hereto, for and in consideration of the
foregoing, Executive’s agreement to forego a portion of his account balance
under the Metro Commerce Bank, N.A. Deferred Compensation Plan for Executives
pursuant to an Agreement Regarding Deferred Compensation Plan dated as of the
date hereof, and the mutual promises contained herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, intending to be legally bound hereby, do agree as follows:

 

1.             Supplemental
Retirement Benefits. 
Bank hereby establishes an unfunded retirement plan, the obligations
under which shall be reflected on the general ledger of Bank (the “Retirement
Account”).  The Retirement Account shall
be an unsecured liability of Bank to Executive, payable only as provided herein
from the general funds of Bank.  The
Retirement Account is not a deposit or insured by the FDIC and does not
constitute a trust account or any other special obligation of Bank and does not
have priority of payment over any other general obligation of Bank.

 

2.             Payment
of Benefits.

 

(a)           On-Time
Retirement.  If Executive remains in
the continual employment of Bank (except for such breaks in service prescribed
by law, such as the Family and Medical Leave Act, or as otherwise agreed in a
writing expressly authorized by the Board of Directors of Bank) until age 55 of
Executive (the “Full Benefits Date”), then upon the Full Benefits Date or, if
later, the date (the “Retirement Date”) on which Executive’s employment with
the Bank is terminated for any reason other than For Cause (as hereinafter
defined), Bank shall pay to Executive the On-Time Regular Benefit (as defined
in Exhibit
A hereto) annually, payable monthly beginning on the first business
day of the first calendar month after the Retirement Date and on the first
business day of each month thereafter until (but including) the fifteenth
(15th) anniversary of the Retirement Date.

 

(b)           Involuntary
Termination.  If Executive’s
employment is terminated by Bank (rather than by Executive) prior to the Full
Benefits Date other than For Cause (as defined below), Bank shall pay to Executive the
Limited Benefit (as hereinafter defined) annually, payable monthly beginning on
the Full Benefits Date, and thereafter on the first business day of each month
thereafter until (but including) the fifteenth (15th) anniversary of the Full
Benefits Date.  For the purposes of this
Agreement, the “Limited Benefit” shall be
the amount set forth on Exhibit A corresponding to the age of
Executive when Executive’s employment is terminated by Bank.

 

1

 

(c)           Voluntary
Termination.  Except as provided in
Section 6 below, Executive shall not be entitled to any benefits under this
Agreement if Executive’s employment is terminated by Executive prior to the Full
Benefits Date for any reason other than Substantial Disability.

 

(d)           Disability.  If Executive becomes Substantially Disabled
(as hereinafter defined) and Executive’s employment with Bank is terminated by
Bank prior to the Full Benefits Date as a result, Executive shall become
entitled to the Limited Benefit (in the amount corresponding to the age of
Executive at the time Substantial Disability is determined) in accordance with
Subsection 2(b) above, payable commencing on the first business day of the calendar
month immediately following the determination of Substantial Disability.  For purposes of this Agreement, the term
“Substantial Disability” shall mean the Executive’s suffering a sickness,
accident or injury which has been determined by the carrier of any individual
or group disability policy covering Executive, by the Social Security
Administration or, at the request of Executive, by a licensed physician
selected by Bank, to be a disability rendering Executive totally and
permanently disabled.  Executive must
submit proof to Bank of the carrier’s or Social Security Administration’s
determination upon the request of Bank.

 

(e)           Discharge
for Cause.  Any other provision of
this Agreement to the contrary notwithstanding, if Executive’s employment by
Bank is terminated as a result of, or in connection with: (i) regulatory
suspension or removal of Executive from duty with Bank; (ii) gross and
consistent dereliction of duty by Executive; (iii) breach of fiduciary duty
involving personal profit by Executive; (iv) willful violation of any banking
law or regulation; or (v) conviction of a felony or crime of moral turpitude
(any of the foregoing referred to herein collectively as “For Cause”), then
Executive shall not be entitled to any supplemental retirement benefits
provided for in this Agreement and this Agreement may be terminated by Bank
without any liability whatsoever.  The
obligation of Bank to make any payments contemplated under this Agreement shall
be suspended during the pendency of any indictment, information or similar
charge regarding a felony or crime of moral turpitude, during any regulatory or
other adjudicative proceeding concerning regulatory suspension or removal or,
for a reasonable time (not to exceed ninety days), while the board of directors
of Bank seeks to determine whether Executive could have been terminated For
Cause even though Executive may have previously retired, resigned, become
Substantially Disabled or been discharged other than For Cause.  If during such period the board of directors
determines that the Executive could have been discharged For Cause, this
subsection (e) shall be applicable as if the Executive had been discharged For
Cause.

 

(f)            Death
of Executive.  Any provision of this Agreement to the
contrary notwithstanding, this Agreement shall automatically terminate upon the
death of Executive and neither Executive nor Executive’s estate shall be
entitled to any benefits hereunder (or, to the extent that the payment of
benefits had already commenced at the time of Executive’s death, neither
Executive nor Executive’s estate shall be entitled to any further benefits).

 

3.             Intent
of Parties.  Bank and Executive
intend that this Agreement shall primarily provide supplemental retirement
benefits to Executive as a member of a select group of management or highly
compensated employees of Bank for purposes of the Employee Retirement Income
Security Act of 1974, as may be amended (“ERISA”).

 

4.             ERISA
Provisions.

 

(a)           The
following provisions in this Agreement are part of this Agreement and are
intended to meet the requirements of the Employee Retirement Income Security
Act of 1974 (ERISA).

 

(b)           The
“Named Fiduciary” is Business Bank of California.

 

(c)           The
general corporate funds of Bank are the basis of payment of benefits under this
Agreement.

 

(d)           For
claims procedure purposes, the “Claims Manager” shall be the Chief Executive
Officer of the Bank or such other person named from time to time by notice to
Executive.

 

2

 

(i)            If for any reason a claim for benefits under this
Agreement is denied by Bank, the Claims Manager shall deliver to the claimant a
written explanation setting forth the specific reasons for the denial,
pertinent references to the Agreement section on which the denial is based,
such other data as may be pertinent and information on the procedures to be
followed by the claimant in obtaining a review of his/her claim, all written in
a manner calculated to be understood by the claimant for this purpose:

 

(1)           The claimant’s claim shall be deemed
filed when presented orally or in writing to the Claims Manager.

 

(2)           The Claims Manager’s explanation
shall be in writing delivered to the claimant within 90 days of the date the
claim is filed.

 

(ii)           The claimant shall have 60 days following his/her
receipt of the denial of the claim to file with the Claims Manager a written
request for review of the denial.  For
such review, the claimant or his/her representative may submit pertinent documents
and written issues and comments.

 

(iii)          The Claims Manager shall decide the issue on review
and furnish the claimant with a copy within 60 days of receipt of the
claimant’s request for review of his/her claim.  The decision on review shall be in writing and shall include
specific reasons for the decision, written in a manner calculated to be
understood by the claimant, as well as specific references to the pertinent
Agreement provisions on which the decision is based.  If a copy of the decision is not so furnished to the claimant
within such 60 days, the claim shall be deemed denied on review.

 

(e)           The Claims Manager has discretionary authority to
determine eligibility for benefits.

 

5.             Funding
by Bank.

 

(a)           Bank
shall be under no obligation to set aside, earmark or otherwise segregate any
funds with which to pay its obligations under this Agreement.  Executive shall be and remain an unsecured
general creditor of Bank with respect to Bank’s obligations hereunder.  Executive
shall have no property interest in the Retirement Account or any other rights
with respect thereto.

 

(b)           Bank,
in its sole discretion, may determine the exact nature and method of funding
(if any) of the obligations under this Agreement.

 

(c)           If
Bank, in its sole discretion, elects to invest in a life insurance, disability
or annuity policy on the life of Executive, Executive shall assist Bank, from
time to time, promptly upon the request of Bank, in obtaining such insurance
policy by supplying any information necessary to obtain such policy as well as
submitting to any physical examinations required therefor. Bank shall be
responsible for the payment of all premiums with respect to any whole life,
variable, or universal life insurance, disability or annuity policy purchased
in connection with this Agreement unless otherwise expressly agreed.

 

6.             Effect
of Change in Control.

 

(a)           Upon
the occurrence of a Change in Control (as hereinafter defined) of Bank (except
(i) in an internal reorganization which does not affect the ultimate beneficial
ownership of the Bank or (ii) if consented to by Executive in writing),
Executive shall be entitled at any time thereafter to declare himself to have
been terminated other than For Cause; provided that Executive shall be deemed
100% vested and thus entitled to the On-Time Regular Benefit.  Upon giving notice thereof to Bank, which
notice shall include a resignation conditioned upon the applicability of this
section, Executive shall be entitled to the On-Time Regular Benefit, payable
beginning at age 55 of Executive and  in
accordance with Section 2(a) hereof.

 

3

 

(b)           For
purposes of this Agreement, the occurrence of a “Change in Control” shall mean
the occurrence of any of the following:

 

(i)            an “acquisition of control” of Bank as such term
is used under the Change in Bank Control Act, as amended (12 U.S.C.
‘ 1817(j)), and related regulations of the Federal Reserve Board, which is
not rebutted in the manner provided for therein;

 

(ii)           any merger, consolidation or share exchange of Bank
where Bank is not the survivor of such merger or consolidation,  Bank issues an amount of capital stock
(other than in a bona fide public offering) equal in voting power to 50% or
more of the then outstanding Common Stock, or the then outstanding Common Stock
of Bank is converted into or exchanged for cash or any other form or kind of
security, regardless of the issuer thereof;

 

(iii)          Bank shall sell all or a majority of its assets or
its deposit liabilities;

 

(iv)          three or more persons other than those nominated by
the Board of Directors of Bank shall be elected to the Board of Directors of
Bank; or

 

(v)           Bank shall have entered into any understanding or
agreement which if consummated would reasonably lead to the occurrence of one
or more of the foregoing items (i) through (iv).

 

 

7.             [Reserved].

 

8.             Employment
of Executive; Other Agreements.  
The benefits provided for herein for Executive are supplemental
retirement benefits and shall not be deemed to modify, affect or limit any
salary or salary increases, bonuses, profit sharing or any other type of
compensation of Executive in any manner whatsoever.  No provision contained in this Agreement shall in any way affect,
restrict or limit any existing employment agreement between Bank and Executive,
nor shall any provision or condition contained in this Agreement create
specific employment rights of Executive or limit the right of Bank to discharge
Executive with or without cause.  
Nothing contained in this Agreement shall affect the right of Executive
to participate in or be covered by or under any qualified or non-qualified
pension, profit sharing, group, bonus or other supplemental compensation,
retirement or fringe benefit plan constituting any part of Bank’s compensation
structure whether now or hereinafter existing.

 

9.             Confidentiality.  In further consideration of the mutual
promises contained herein, Executive agrees that the terms and conditions of
this Agreement, except as such may be disclosed in financial statements and tax
returns, or in connection with estate planning, are and shall forever remain
confidential until the death of Executive and Executive agrees that he/she
shall not reveal the terms and conditions contained in this Agreement at any
time to any person or entity, other than his/her financial and professional
advisors unless required to do so by a court of competent jurisdiction.

 

10.           Leave
of Absence.  Bank may, in its sole
discretion, permit Executive to take a leave of absence for a period not to
exceed one year.  Any such leave of
absence must be approved by the board of directors of Bank and reflected in its
minutes.  During this time, Executive
will still be considered to be in the employ of Bank for purposes of this
Agreement.

 

11.           Withholding.  Executive is responsible for payment of all
taxes applicable to compensation and benefits paid or provided to Executive
under this Agreement, including federal and state income tax withholding,
except Bank shall be responsible for payment of all employment (FICA) taxes due
to be paid by Bank pursuant to Internal Revenue Code § 3121(v) and
regulations promulgated thereunder (i.e., FICA taxes on the present value of
payments hereunder which are no longer subject to vesting).  Executive agrees that appropriate amounts
for withholding may be deducted from the cash salary, bonus or other payments
due to Executive by Bank.  If
insufficient cash wages are

 

4

 

available or if Executive so desires,
Executive may remit payment in cash for the withholding amounts.

 

12.           Arbitration;
Jury Trial Waiver.

 

(a)           Except as
otherwise expressly provided herein or in any other subsequent written
agreement between Executive and Bank, any controversy or claim between
Executive and Bank, or between the respective successors or assigns of either,
or between Executive and any of Bank’s officers, employees, agents or
affiliated entities, arising out of or relating to this Agreement or any
representations, negotiations, or discussions leading up to this Agreement or
any relationship that results from any of the foregoing, whether based on
contract, an alleged tort, breach of warranty, or other legal theory (including
claims of fraud, misrepresentation, suppression of material fact, fraud in the
inducement, and breach of fiduciary obligation), and whether based on acts or
omissions occurring or existing prior to, at the time of, or after the
execution of this Agreement and whether asserted as an original or amended
claim, counterclaim, cross-claim, or otherwise, shall be settled by binding arbitration
pursuant to the Federal Arbitration Act (“FAA”), 9 U.S.C. § 1, et seq.; provided, however, that resort to
arbitration as provided in this Section 12 may only be had after exhaustion of
the claims procedure described in Subsection 4(d).  The arbitration shall be administered by the American Arbitration
Association (“AAA”) under its Commercial Arbitration Rules (the “Rules”), and
judgment on the award rendered by the arbitrator may be entered in any court
having jurisdiction thereof.  Any
dispute regarding whether a particular claim is subject to arbitration will be
decided by the arbitrator.  Any court of
competent jurisdiction may compel arbitration of claims pursuant to this
Agreement.

 

(b)           The
arbitrator shall be a practicing attorney or retired judge.  The arbitrator’s award must be based on
substantial evidence, and the arbitrator shall award only such remedy or relief
as a court of competent jurisdiction could properly award under applicable law.  The initiation of arbitration in the manner
provided in the Rules shall be deemed the commencement of an action for
purposes of any applicable statute of limitation.  The arbitrator is empowered to decide (by documents only, or
after a preliminary hearing, at the arbitrator’s discretion) any pre-hearing motion
which is substantially similar to a motion to dismiss for failure to state a
claim or a motion for summary judgment. 
Claims of or on behalf of other persons shall not be considered by the
arbitrator or consolidated with the arbitration proceedings pursuant to this
paragraph, unless all parties consent in writing.  At the written request of a party made prior to the time the
award is made, the arbitrator shall specify the factual and legal bases for the
award.

 

(c)           The
arbitrator may award to the prevailing party pre-and post-award expenses of the
arbitration, including the arbitrator’s fees and travel expenses,
administrative fees, out-of-pocket expenses such as copying and telephone,
court costs, witness fees, stenographer’s fees, and (if allowed by applicable
law) attorneys’ fees.  Otherwise, the
parties will share equally the arbitrator’s fee and travel expenses and
administrative fees, and each party will bear its own expenses.

 

(d)           This
agreement to arbitrate disputes will survive the payment of all obligations
under this Agreement and termination or performance of any transactions
contemplated hereby between Executive and Bank, and will continue in full force
and effect unless Executive and Bank otherwise expressly agrees in writing.  Executive and Bank acknowledge that the
transaction contemplated by this Agreement involves “commerce,” as that term is
defined in the FAA.

 

(e)           By entering
into this Agreement, Executive and Bank agree and acknowledge that:

 

(i)            by agreeing to arbitrate disputes, Executive and
Bank are giving up the right to trial in a court and THE RIGHT TO TRIAL BY JURY
of all claims that are subject to arbitration under this Agreement;

 

(ii)           grounds for appeal of the arbitrator’s decision are
very limited; and

 

(iii)          in some cases the arbitrator may be employed by, or
may have worked closely with, a business in the same or a related type of
business as the business engaged in by Executive or Bank.

 

5

 

(f)            EXECUTIVE AND BANK HEREBY WAIVE THE RIGHT TO TRIAL BY
JURY OF ALL DISPUTES, CONTROVERSIES AND CLAIMS BY, BETWEEN OR AGAINST EXECUTIVE
OR BANK, WHETHER THE DISPUTE, CONTROVERSY OR CLAIM IS SUBMITTED TO ARBITRATION
OR IS DECIDED BY A COURT.

 

13.           Miscellaneous
Provisions.

 

(a)           Counterparts.  This Agreement may be executed simultaneously in any number of
counterparts.  Each counterpart shall be
deemed to be an original, and all such counterparts shall constitute one and
the same instrument.  This Agreement may
be executed and delivered by facsimile transmission of an executed counterpart.

 

(b)           Construction. As used in this Agreement, the
neuter gender shall include the masculine and the feminine, the masculine and
feminine genders shall be interchangeable among themselves and each with the
neuter, the singular numbers shall include the plural, and the plural the
singular.  The term “person” shall
include all persons and entities of every nature whatsoever, including, but not
limited to, individuals, corporations, partnerships, governmental entities and
associations.  The terms “including,”
“included,” “such as” and terms of similar import shall not imply the exclusion
of other items not specifically enumerated.

 

(c)           Severability.  If any provision of this Agreement or the application thereof to
any person or circumstance shall be held to be invalid, illegal, unenforceable
or inconsistent with any present or future law, ruling, rule or regulation of
any court, governmental or regulatory authority having jurisdiction over the
subject matter of this Agreement, such provision shall be rescinded or modified
in accordance with such law, ruling, rule or regulation and the remainder of
this Agreement or the application of such provision to the person or
circumstances other than those as to which it is held inconsistent shall not be
affected thereby and shall be enforced to the greatest extent permitted by law.

 

(d)           Governing Law.  This Agreement is made in the State of California and shall be
governed in all respects and construed in accordance with the laws of the State
of California, without regard to its conflicts of law principles, except to the
extent superseded by the Federal laws of the United States.

 

(e)           Binding Effect.  This Agreement is binding upon the parties, their respective
successors, assigns, heirs and legal representatives. Without limiting the
foregoing this Agreement shall be binding upon any successor of Bank whether by
merger or acquisition of all or substantially all of the assets or liabilities
of Bank. This Agreement may not be assigned by any party without the prior
written consent of each other party hereto. 
This Agreement has been approved by the Board of Directors of Bank and
Bank agrees to maintain an executed counterpart of this Agreement in a safe
place as an official record of Bank.

 

(f)            No Trust. 
Nothing contained in this Agreement and no action taken pursuant to the
provisions of this Agreement shall create or be construed to create a trust of
any kind, or a fiduciary relationship between Bank and Executive, Executive’s
designated beneficiary or any other person.

 

(g)           Assignment of Rights.  None of the payments provided for by this
Agreement shall be subject to seizure for payment of any debts or judgments
against Executive or any beneficiary; nor shall Executive or any beneficiary
have any right to transfer, modify, anticipate or encumber any rights or
benefits hereunder; provided, however, that the undistributed portion of any
benefit payable hereunder shall at all times be subject to set-off for debts
owed by Executive to Bank.

 

(h)           Entire Agreement.  This Agreement constitutes the entire agreement of the parties
with respect to the subject matter hereof and all prior or contemporaneous
negotiations, agreements and understandings, whether oral or written, are hereby
superseded, merged and integrated into this Agreement.

 

(i)            Notice. 
Any notice to be delivered under this Agreement shall be given in
writing and delivered by hand, or by first class, certified or registered mail,
postage prepaid, addressed to the Bank or the Executive, as applicable, at the
address for such party set forth below or such other address designated by
notice.

 

6

 

	
   

  	
   

  	
  Bank:

  	
  Business Bank of California

  
	
   

  	
   

  	
   

  	
  391 N. Main Street, Suite 101

  
	
   

  	
   

  	
  Corona, CA  92880

  
	
   

  	
   

  	
  Attn:      Alan Lane,
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Executive:

  	
  Charles O. Hall

  
	
   

  	
   

  	
  1059 Rancho Lindo Dr.

  
	
   

  	
   

  	
  Petaluma, CA  94952

  

 

 

(j)            Non-waiver.  No delay or failure by either party to
exercise any right under this Agreement, and no partial or single exercise of
that right, shall constitute a waiver of that or any other right.

 

(k)           Headings.  Headings in this Agreement are for
convenience only and shall not be used to interpret or construe its provisions.

 

(l)            Amendment.  No amendments or additions to this Agreement
shall be binding unless in writing and signed by both parties.  No waiver of any provision contained in this
Agreement shall be effective unless it is in writing and signed by the party
against whom such waiver is asserted.

 

(m)          Seal. The
parties hereto intend this Agreement to have the effect of an agreement
executed under the seal of each.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT
BLANK.]

 

7

 

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

 

	
   

  	
  BANK:

  
	
   

  	
   

  
	
   

  	
  BUSINESS BANK OF
  CALIFORNIA

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
  Its

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Charles O. Hall

  

 

 

	
  STATE OF CALIFORNIA

  	
  )

  
	
   

  	
  :

  
	
                      COUNTY      

  	
  )

  

 

 

I, the
undersigned, a notary public in and for said parish in said state, hereby
certify that
                                    ,
whose name as 
                                    
of Business Bank of California, a California banking corporation, is signed to
the foregoing instrument, and who is known to me, acknowledged before me on
this day that, being informed of the contents of said instrument, he/she, as
such officer and with full authority, executed the same voluntarily for and as
the act of said corporation.

 

 

Given under my
hand and official seal this
            day of 
                                    ,
2003.

 

	
   

  	
   

  
	
   

  	
  Notary Public

  
	
  [NOTARIAL SEAL]

  	
  My commission expires:

  	
   

  

 

8

 

	
  STATE OF CALIFORNIA

  	
  )

  
	
   

  	
  :

  
	
                      COUNTY      

  	
  )

  

 

I, the undersigned, a notary public in and for said
parish in said state, hereby certify that Charles O. Hall, whose name is signed
to the foregoing instrument, and who is known to me, acknowledged before me on
this day that, being informed of the contents of said instrument, he/she
executed the same voluntarily on the day the same bears date.

 

Given under my hand and official seal this
             
day of
                       ,
2003.

 

	
   

  	
   

  
	
   

  	
  Notary Public

  
	
  [NOTARIAL SEAL]

  	
  My commission expires:

  	
   

  

 

9

 

Exhibit A

 

Vesting
Schedule

 

 

The “On-Time
Regular Benefit” shall be $100,000.

 

The “Limited
Benefit” shall be:

 

 

	
  Age of Executive

  	
   

  	
  Limited
  Benefit

  	
   

  
	
  48

  	
   

  	
  $

  	
  0

  	
   

  
	
  49

  	
   

  	
  $

  	
  14,290

  	
   

  
	
  50

  	
   

  	
  $

  	
  28,580

  	
   

  
	
  51

  	
   

  	
  $

  	
  42,870

  	
   

  
	
  52

  	
   

  	
  $

  	
  57,160

  	
   

  
	
  53

  	
   

  	
  $

  	
  71,450

  	
   

  
	
  54

  	
   

  	
  $

  	
  85,740

  	
   

  

 

10

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