Document:

Exhibit 10.3

 

FIRST
AMENDMENT TO

LIFE
INSURANCE

ENDORSEMENT
METHOD SPLIT DOLLAR PLAN

AGREEMENT

 

THIS
FIRST AMENDMENT TO THE LIFE INSURANCE ENDORSEMENT METHOD SPLIT DOLLAR PLAN
AGREEMENT (the “First
Amendment”) is entered into as of March 19, 2008 between James Cowan (the “Insured”)and
Santa Lucia Bank, a banking company organized under the laws of California,
(the “Bank”) located in Atascadero, California.

 

WHEREAS, the Insured and the Bank entered into
the Life Insurance Endorsement Method Split Dollar Plan Agreement (the “Agreement”)
dated January 21, 1997, as amended;

 

WHEREAS, the Insured and the Bank have agreed to
amend the Agreement to avoid certain adverse accounting implications presented
by the current form of Agreement;

 

NOW,
THEREFORE, for
good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, the Insured and the Bank hereto agree as follows:

 

1.     Paragraph IV of the Agreement is hereby amended and
restated in its entirety to read as follows:

 

IV.
PREMIUM PAYMENT METHOD AND BANK’S DUE DILIGENCE

 

Subject to the following,
the Bank shall pay an amount equal to the planned premiums and any other
premium payments that might become necessary to keep the policy in force.  The Bank shall exercise due diligence in reviewing
the financial stability of the insurance company and the policy that are the
subject of this Agreement.  If the Bank
believes that the Insurer under the policy is financially weak or that the
policy is not performing well, the Bank may, at any time, surrender the policy
or substitute a different policy provided that the Bank is under no obligation
to invest in such replacement policy any more than the proceeds available from
the cash surrender value of the original policy.  The Insured will cooperate by undertaking any
necessary medical examination. The Bank
may sell, surrender or transfer ownership of the policy to the Insurer or any
third party, provided that, in the event of any such sale, surrender or
transfer prior to termination of this Agreement, the Bank replaces the policy
with a life insurance policy or policies on the life of the Insured providing
death benefits that are at least as much as that of the policy being replaced.
The rights, duties and benefits of the Bank or the Insured with respect to any
such replacement policy shall be subject to the terms of this Agreement. At the
request of the Bank, the Insured shall take any and all actions that the Bank
determines may be reasonably necessary for the sale, surrender or transfer of
the policy, the issuance of a replacement policy(ies), and subjecting the
replacement policy(ies) to the terms of this Agreement.

 

2.     Capitalized terms used herein and not otherwise
defined shall have the same meaning as set forth in the Agreement.

 

3.     This First Amendment may be entered into in one or
more counterparts, all of which shall be considered one and the same
instrument, and it shall become effective when one or more counterparts have
been signed by each of the parties and delivered to the other parties, it being
understood that all parties need not sign the same counterpart.

 

1

 

4.     Except as expressly modified herein, the terms of the
Agreement are confirmed.

 

Executed at Atascadero,
California as of the date set forth above.

 

	
   

  	
   

  	
   

  	
  Bank:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Santa Lucia Bank

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ John C. Hansen

  	
   

  	
   /s/ Larry H. Putnam

  
	
  Witness

  	
   

  	
  Name: Larry H. Putnam

  
	
   

  	
   

  	
   

  	
  Title: CEO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Insured:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ John C. Hansen

  	
   

  	
   /s/ James Cowan

  
	
  Witness

  	
   

  	
  James Cowan

  

 

2Exhibit 10.4

 

SECOND
AMENDMENT TO

LIFE
INSURANCE

ENDORSEMENT
METHOD SPLIT DOLLAR PLAN

AGREEMENT

 

THIS
SECOND AMENDMENT TO THE LIFE INSURANCE ENDORSEMENT METHOD SPLIT DOLLAR PLAN
AGREEMENT (the “Second
Amendment”) is entered into as of March 19, 2008 between Jerry W. Decou, III
(the “Insured”)and Santa Lucia Bank, a banking company organized under the laws
of California, (the “Bank”) located in Atascadero, California.

 

WHEREAS, the Insured and the Bank entered into
the Life Insurance Endorsement Method Split Dollar Plan Agreement (the “Agreement”)
dated January 21, 1997, as amended;

 

WHEREAS, the Insured and the Bank have agreed to
amend the Agreement to avoid certain adverse accounting implications presented
by the current form of Agreement;

 

NOW,
THEREFORE, for
good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, the Insured and the Bank hereto agree as follows:

 

1.     Paragraph IV of the Agreement is hereby amended and
restated in its entirety to read as follows:

 

IV. PREMIUM
PAYMENT METHOD AND BANK’S DUE DILIGENCE

 

Subject to the following,
the Bank shall pay an amount equal to the planned premiums and any other
premium payments that might become necessary to keep the policy in force.  The Bank shall exercise due diligence in
reviewing the financial stability of the insurance company and the policy that
are the subject of this Agreement.  If
the Bank believes that the Insurer under the policy is financially weak or that
the policy is not performing well, the Bank may, at any time, surrender the
policy or substitute a different policy provided that the Bank is under no
obligation to invest in such replacement policy any more than the proceeds
available from the cash surrender value of the original policy.  The Insured will cooperate by undertaking any
necessary medical examination. The Bank
may sell, surrender or transfer ownership of the policy to the Insurer or any
third party, provided that, in the event of any such sale, surrender or
transfer prior to termination of this Agreement, the Bank replaces the policy
with a life insurance policy or policies on the life of the Insured providing
death benefits that are at least as much as that of the policy being replaced.
The rights, duties and benefits of the Bank or the Insured with respect to any
such replacement policy shall be subject to the terms of this Agreement. At the
request of the Bank, the Insured shall take any and all actions that the Bank
determines may be reasonably necessary for the sale, surrender or transfer of
the policy, the issuance of a replacement policy(ies), and subjecting the
replacement policy(ies) to the terms of this Agreement.

 

2.     Capitalized terms used herein and not otherwise
defined shall have the same meaning as set forth in the Agreement.

 

3.     This Second Amendment may be entered into in one or
more counterparts, all of which shall be considered one and the same
instrument, and it shall become effective when one or more counterparts have
been signed by each of the parties and delivered to the other parties, it being
understood that all parties need not sign the same counterpart.

 

1

 

4.     Except as expressly modified herein, the terms of the
Agreement are confirmed.

 

Executed at Atascadero,
California as of the date set forth above.

 

	
   

  	
   

  	
   

  	
  Bank:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Santa Lucia Bank

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ John C. Hansen

  	
   

  	
   /s/ Larry H. Putnam

  
	
  Witness

  	
   

  	
  Name: Larry H. Putnam

  
	
   

  	
   

  	
   

  	
  Title: CEO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Insured:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ John C. Hansen

  	
   

  	
   /s/ Jerry W. DeCou III

  
	
  Witness

  	
   

  	
  Jerry W.
  Decou, III

  

 

2Exhibit 10.5

 

SECOND
AMENDMENT TO

LIFE
INSURANCE

ENDORSEMENT
METHOD SPLIT DOLLAR PLAN

AGREEMENT

 

THIS
SECOND AMENDMENT TO THE LIFE INSURANCE ENDORSEMENT METHOD SPLIT DOLLAR PLAN
AGREEMENT (the “Second
Amendment”) is entered into as of March 19, 2008 between Douglas C.
Filipponi (the “Insured”)and Santa Lucia Bank, a banking company organized
under the laws of California, (the “Bank”) located in Atascadero, California.

 

WHEREAS, the Insured and the Bank entered into
the Life Insurance Endorsement Method Split Dollar Plan Agreement (the “Agreement”)
dated January 21, 1997, as amended;

 

WHEREAS, the Insured and the Bank have agreed to
amend the Agreement to avoid certain adverse accounting implications presented
by the current form of Agreement;

 

NOW,
THEREFORE, for
good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, the Insured and the Bank hereto agree as follows:

 

1.     Paragraph IV of the Agreement is hereby amended and
restated in its entirety to read as follows:

 

IV. PREMIUM
PAYMENT METHOD AND BANK’S DUE DILIGENCE

 

Subject to the following,
the Bank shall pay an amount equal to the planned premiums and any other
premium payments that might become necessary to keep the policy in force.  The Bank shall exercise due diligence in
reviewing the financial stability of the insurance company and the policy that
are the subject of this Agreement.  If
the Bank believes that the Insurer under the policy is financially weak or that
the policy is not performing well, the Bank may, at any time, surrender the
policy or substitute a different policy provided that the Bank is under no
obligation to invest in such replacement policy any more than the proceeds
available from the cash surrender value of the original policy.  The Insured will cooperate by undertaking any
necessary medical examination. The Bank
may sell, surrender or transfer ownership of the policy to the Insurer or any
third party, provided that, in the event of any such sale, surrender or
transfer prior to termination of this Agreement, the Bank replaces the policy
with a life insurance policy or policies on the life of the Insured providing
death benefits that are at least as much as that of the policy being replaced.
The rights, duties and benefits of the Bank or the Insured with respect to any
such replacement policy shall be subject to the terms of this Agreement. At the
request of the Bank, the Insured shall take any and all actions that the Bank
determines may be reasonably necessary for the sale, surrender or transfer of
the policy, the issuance of a replacement policy(ies), and subjecting the
replacement policy(ies) to the terms of this Agreement.

 

2.     Capitalized terms used herein and not otherwise
defined shall have the same meaning as set forth in the Agreement.

 

3.     This Second Amendment may be entered into in one or
more counterparts, all of which shall be considered one and the same
instrument, and it shall become effective when one or more counterparts have
been signed by each of the parties and delivered to the other parties, it being
understood that all parties need not sign the same counterpart.

 

1

 

4.     Except as expressly modified herein, the terms of the
Agreement are confirmed.

 

Executed at Atascadero,
California as of the date set forth above.

 

	
   

  	
   

  	
   

  	
  Bank:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Santa Lucia Bank

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ John C. Hansen

  	
   

  	
   /s/ Larry H. Putnam

  
	
  Witness

  	
   

  	
  Name: Larry H. Putnam

  
	
   

  	
   

  	
   

  	
  Title: CEO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Insured:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ John C. Hansen

  	
   

  	
   /s/ Douglas C. Filipponi

  
	
  Witness

  	
   

  	
  Douglas C. Filipponi

  

 

2

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