Document:

Salary Continuation Agreement

 EXHIBIT 10.30 
  
 EXECUTIVE SALARY CONTINUATION AGREEMENT 
  
 This Agreement is made and entered into this 1st day of December, 2001, by and between Redlands Centennial Bank, a California state banking corporation (the “Employer”), and Anne Elizabeth Sanders, an individual residing in the State of
California (hereinafter referred to as the “Executive”). 
  
 RECITALS 
  
 WHEREAS, the Executive is an employee of the
Employer and is serving as its Executive Vice President and Chief Financial Officer; 
  
 WHEREAS, the Executive’s experience and knowledge of the affairs of the Employer and the banking industry are extensive and valuable; 
  
 WHEREAS, it is deemed to be in the best interests of the Employer to provide the Executive with certain salary continuation benefits, on the terms and conditions set
forth herein, in order to reasonably induce the Executive to remain in the Employer’s employment; and 
  
 WHEREAS, the Executive and the Employer wish to specify in writing the terms and conditions upon which this additional compensatory incentive will be provided to the Executive, or to the Executive’s spouse or the
Executive’s designated beneficiaries, as the case may be; 
  
 NOW,
THEREFORE, in consideration of the services to be performed in the future, as well as the mutual promises and covenants contained herein, the Executive and the Employer agree as follows: 
  
 AGREEMENT 
  
 1. Terms and Definitions. 
  
 1.1. Administrator. The Employer shall be the “Administrator” and, solely for the purposes of ERISA, the “fiduciary” of
this Agreement where a fiduciary is required by ERISA. 
  
 1.2.
Annual Benefit. The term “Annual Benefit” shall mean an annual sum of Seventy-five thousand dollars ($75,000), increased by 3% on the anniversary of the date of this Agreement until the date of the first payment hereunder,
multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the
Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI). 

 1.3. Applicable Percentage. The term “Applicable Percentage” shall mean that
percentage listed on Schedule “A” attached hereto which is adjacent to the number of complete years (with a “year” being the performance of personal services for or on behalf of the Employer as an employee for a period of 365
days) which have elapsed starting from the Effective Date of this Agreement and ending on the date the Executive’s employment is terminated for purposes of this Agreement. In the event the Executive’s employment with the Employer is
terminated other than by reason of death, termination for cause or Retirement on the part of the Executive, the Executive shall be deemed for purposes of determining the number of complete years to have completed a year of service in its entirety
for any partial year of service after the last anniversary date of the Effective Date during which the Executive’s employment is terminated, provided that in no event shall the Executive be deemed to have completed a year of service for the
partial year that occurs prior to the first anniversary date of this Agreement. 
  
 1.4. Beneficiary. The term “beneficiary” or “designated beneficiary” shall mean the person or persons whom the Executive shall designate in a valid Beneficiary Designation, a copy of
which is attached hereto as Exhibit “B”, to receive the benefits provided hereunder. A Beneficiary Designation shall be valid only if it is in the form attached hereto and made a part hereof and is received by the Administrator prior to
the Executive’s death. 
  
 1.5. The Code. The
“Code” shall mean the Internal Revenue Code of 1986, as amended (the “Code”). 
  
 1.6. Effective Date. The term “Effective Date” shall mean the date upon which this Agreement was entered into by the parties, as
first written above. 
  
 1.7. ERISA. The term
“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 
  
 1.8. Plan Year. The term “Plan Year” shall mean the Employer’s calendar year. 
  
 1.9. Retirement. The term “Retirement” or “Retires” shall refer to the date on which the Executive attains the age of at
least sixty-five (65) and acknowledges in writing to the Employer to be the last day she will provide any significant personal services, whether as an employee, director or independent consultant or contractor, to the Employer. For purposes of this
Agreement, the phrase “significant personal services” shall mean more than ten (10) hours of personal services rendered to one or more individuals or entities in any thirty (30) day period. 
  
 1.10 Sale of Business. The term “Sale of Business”
shall mean any (i) merger, consolidation or reorganization of the Employer in which (A) the Employer does not survive or (B) the Employer survives with a resulting change in beneficial ownership of the Employer of more than 50% of the voting shares
of the Employer, (ii) sale of more than 50% of the beneficial ownership of the voting shares of the Employer to any person or group of persons acting in concert, or (iii) transfer or sale of more than 50% of the total market value of the assets of
the Employer as reflected in the most recent published balance sheet of the Employer. 
  
 1.11. Surviving Spouse. The term “Surviving Spouse” shall mean the person, if any, who shall be legally married to the Executive on the date of the Executive’s death. 
  

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 1.12. Termination for Cause. The term “Termination for Cause” shall mean the
termination of the Executive by the Employer upon the occurrence of any of the following events: 
  
 (i) the Executive is convicted of illegal activity by a court of competent jurisdiction or pleads guilty to or nolo contendere to illegal activity, which
activity materially adversely affects the Employer’s reputation in the community or which evidences the lack of the Executive’s fitness or ability to perform the Executive’s duty as determined by the Board of Directors in good faith;

  
 (ii) the Executive has committed any illegal or dishonest act
which would cause termination of coverage under the Employer’s Bankers’ Blanket Bond as to the Executive, as distinguished from termination of coverage as to the Employer as a whole; 
  
 (iii) the Executive materially fails to perform, or habitually neglects, the
Executive’s duties or commits a material act of malfeasance or misfeasance in connection therewith; or 
  
 (iv) an action is commenced by any bank regulatory agency having jurisdiction, to remove or suspend the Executive from office, or a cease and desist order
under 12 U.S.C. 1818(b) or any similar Federal or state statute is issued against the Executive or the Employer which calls for the Executive’s suspension or removal from office. 
  
 2. Scope, Purpose and Effect. 
  
 2.1. Contract of Employment. Although this Agreement is intended to provide the Executive with an additional incentive to remain in the
employ of the Employer, this Agreement shall not be deemed to constitute a contract of employment between the Executive and the Employer nor shall any provision of this Agreement restrict or expand the right of the Employer to terminate the
Executive’s employment. This Agreement shall have no impact or effect upon any separate written employment agreement which the Executive may have with the Employer, it being the parties’ intention and agreement that unless this Agreement
is specifically referenced in said employment agreement (or any modification thereto), this Agreement (and the Employer’s obligations hereunder) shall stand separate and apart and shall have no effect upon, nor be affected by, the terms and
provisions of said employment agreement. 
  
 2.2. Fringe
Benefit. The benefits provided by this Agreement are granted by the Employer as a fringe benefit to the Executive and are not a part of any salary reduction plan or any arrangement deferring a bonus or a salary increase. The Executive has no
option to take any current payments or bonus in lieu of the benefits provided by this Agreement. 
  
 3. Payments Upon or After Retirement. 
  
 3.1. Payments Upon Retirement. If the Executive shall remain in the continuous employment of the Employer until Retirement, the Executive shall be entitled to be paid the Annual Benefit, with the
Applicable Percent equal to 100% for a period of fifteen (15) years, in one hundred eighty (180) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the month in which the
Executive Retires or upon such later date as may be mutually agreed upon in writing by the Executive and the Employer in advance of said Retirement Date. 
  

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

  
 4. Payments in the Event of Death Prior to
Retirement. In the event the Executive should die while actively employed by the Employer at any time after the Effective Date of this Agreement, but prior to Retirement, the Employer agrees to pay the Annual Benefit with the Applicable
Percentage equal to 100% for a period of fifteen (15) years in one hundred eighty (180) equal monthly installments, with each installment to be paid on the first of each month beginning with the month following the Executive’s death, to the
Executive’s designated beneficiary. If a valid Beneficiary Designation is not in effect, then the amounts due to the Executive under the terms of this Agreement shall be paid to the Executive’s Surviving Spouse. If the Executive leaves no
Surviving Spouse, the amounts due to the Executive under the terms of this Agreement shall be paid to the duly qualified personal representative, executor or administrator of the Executive’s estate. 
  
 5. Payments in the Event Employment is Terminated Other than by Death, Termination for
Cause or Retirement. 
  
 As indicated in Paragraph 2 above, the Employer
reserves the right to terminate the Executive’s employment, with or without cause but subject to any written employment agreement which may then exist, at any time prior to the Executive’s Retirement. In the event that the employment of
the Executive shall be terminated for any reason, including voluntary termination by the Executive, but other than by reason of (i) death, (ii) Termination for Cause, or (iii) Retirement, the Executive or her legal representative shall be entitled
to be paid the Annual Benefit, with the Applicable Percentage as set forth in Schedule A and as determined by the applicable years of service at the time of termination of employment with the Employer, for a period of fifteen (15) years in one
hundred eighty (180) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the month in which the Executive terminates employment and attains sixty-five (65) years of age,
provided that in the event the Executive dies after such termination but prior to age 65 then such benefits are to be paid beginning with the month following the Executive’s death. 
  
 5.1 Termination in a Sale of Business. In the event there is a Sale of Business, following which Executive is
not retained in the same or comparable position, the Executive shall be entitled to be paid in cash in a lump sum on the date of the consummation of the Sale of Business, the present value of the aggregate amount of: the Annual Benefit as if it were
to be paid beginning at Executive’s Retirement, with the Applicable Percentage being 100%, being paid for a period of fifteen (15) years in one hundred eighty (180) monthly installments beginning on the first day of the month following the
consummation of the Sale of Business. The present value of the amount shall be determined using the long term monthly Applicable Federal Rate at the time of the consummation of the Sale of Business. 
  

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 Notwithstanding the prior paragraph, no payment shall be made to Executive pursuant to this Agreement to
the extent that such payment when aggregated with all other payments considered for purposes of calculating a parachute payment results in an excess parachute payment as defined under Section 280G of the Code. 
  
 If the Internal Revenue Service or any other tax authority makes any claim,
demand or assessment in any form based directly or indirectly, in whole or in part, on the allegation that any payment under this Agreement and/or any other payment by Employer to or for the benefit of the Executive at any time constitutes a
“parachute payment” under Section 280G of the Code or any similar or successor provision of federal or state law, Executive agrees that Employer, its successors and assigns shall have no obligation, whether for defense, indemnification,
reimbursement or otherwise, with respect to such claim, demand or assessment. 
  
 No benefit payments provided in this Paragraph 5.1 shall be made to Executive, Executive’s designated beneficiary, Surviving Spouse or Executive’s estate if the Executive is entitled to benefits provided by
any other Paragraph of this Agreement. 
  
 6. Termination for Cause.
Notwithstanding anything to the contrary, in the event the termination of employment of the Executive is Termination for Cause as defined in Paragraph 1.13, the Executive shall not be entitled to any benefits pursuant to this agreement. 

 
 7. No Ownership Rights to the Employer’s Assets. The Employer reserves
the right to determine, in its sole and absolute discretion, whether, to what extent and by what method, if any, to provide for the payment of the amounts which may be payable to the Executive, the Executive’s spouse or the Executive’s
beneficiaries under the terms of this Agreement (“Benefits”). The rights of the Executive or any beneficiary of the Executive under this Agreement shall be solely those of an unsecured creditor of the Employer. 
  
 In the event that the Employer, in its sole and absolute discretion, elects to acquire an
insurance policy, an annuity or any other asset to recoup the costs or any portion thereof of the Benefits, then such insurance policy, annuity or other asset shall not be deemed to be held under any trust for the benefit of the Executive or her
beneficiaries or to be security for the performance of the obligations of the Employer under this Agreement, but shall be, and remain, a general unpledged, unrestricted asset of the Employer. The Executive and her beneficiaries shall have no rights
whatsoever with respect to, or any claim against, any such insurance policy, annuity or other asset. In connection with the Employer electing to acquire any such insurance policy or annuity, the Executive agrees to cooperate to facilitate such
acquisition, and pursuant thereto shall execute such documents and undergo such medical examinations or tests as the Employer may reasonably request. 
  
 8. Claims Procedure. The Employer shall, but only to the extent necessary to comply with ERISA, be designated as the named fiduciary under this Agreement
and shall have authority to control and manage the operation and administration of this Agreement. Consistent therewith, the Employer shall make all determinations as to the rights to benefits under this Agreement. Any decision by the Employer
denying a claim by the Executive, the Executive’s spouse, or the Executive’s beneficiary for benefits under this Agreement shall be stated in writing and delivered or mailed, via registered or certified mail, to the Executive, the
Executive’s spouse or the Executive’s beneficiary, as the case may be. Such decision shall set forth the specific reasons for the denial of a claim. In addition, the Employer shall provide the Executive, the Executive’s spouse or the
Executive’s beneficiary with a reasonable opportunity for a full and fair review of the decision denying such claim. 
  

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 9. Status of an Unsecured General Creditor. Notwithstanding anything contained herein to the contrary: (i)
neither the Executive, the Executive’s spouse nor the Executive’s beneficiary shall have any legal or equitable rights, interests or claims in or to any specific property or assets of the Employer; (ii) none of the Employer’s assets
shall be held in or under any trust for the benefit of the Executive, the Executive’s spouse or the Executive’s beneficiary or held in any way as security for the fulfillment of the obligations of the Employer under this Agreement; (iii)
all of the Employer’s assets shall be and remain the general unpledged and unrestricted assets of the Employer; (iv) the Employer’s obligation under this Agreement shall be that of an unfunded and unsecured promise by the Employer to pay
money in the future; and (v) the Executive, the Executive’s spouse and the Executive’s beneficiary shall be unsecured general creditors with respect to any benefits which may be payable under the terms of this Agreement. 
  
 10. Covenant Not to Interfere. The Executive agrees not to take any action
which prevents the Employer from collecting the proceeds of any life insurance policy which the Employer may happen to own at the time of the Executive’s death and of which the Employer is the designated beneficiary. 
  
 11. Miscellaneous. 
  
 11.1. Opportunity to Consult with Independent Counsel. The
Executive acknowledges that she has been afforded the opportunity to consult with independent counsel of her choosing regarding both the benefits granted to her under the terms of this Agreement and the terms and conditions which may affect the
Executive’s right to these benefits. The Executive further acknowledges that she has read, understands and consents to all of the terms and conditions of this Agreement, and that she enters into this Agreement with a full understanding of its
terms and conditions. 
  
 11.2. Arbitration of
Disputes. All claims, disputes and other matters in question arising out of or relating to this Agreement or the breach or interpretation thereof, other than those matters which are to be determined by the Employer in its sole and absolute
discretion, shall be resolved by binding arbitration before a representative member, selected by the mutual agreement of the parties, of the Judicial Arbitration and Mediation Services, Inc. (“JAMS”), presently located at Los Angeles,
California. In the event JAMS is unable or unwilling to conduct the arbitration provided for under the terms of this Paragraph, or has discontinued its business, the parties agree that a representative member, selected by the mutual agreement of the
parties, of the American Arbitration Association (“AAA”), presently located at Los Angeles, California, shall conduct the binding arbitration referred to in this Paragraph. Notice of the demand for arbitration shall be filed in writing
with the other party to this Agreement and with JAMS (or AAA, if necessary). In no event shall the demand for arbitration be made after the date when institution of legal or equitable proceedings based on such claim, dispute or other matter in
question would be barred by the applicable statute of limitations. The arbitration shall be subject to such rules of procedure used or established by JAMS, or if there are none, the rules of procedure used or established by AAA. Any award rendered
by JAMS or AAA shall be final and binding upon the parties, and as applicable, their respective heirs, beneficiaries, legal representatives, agents, successors and assigns, and may be entered in any court having jurisdiction thereof. The obligation
of the parties to arbitrate pursuant to this clause shall be 
  

 6 

 specifically enforceable in accordance with, and shall be conducted consistently with, the provisions of Title 9 of Part
3 of the California Code of Civil Procedure. Any arbitration hereunder shall be conducted in Southern California, unless otherwise agreed to by the parties. 
  
 11.3. Attorneys’ Fees. In the event of any arbitration or litigation concerning any controversy, claim or dispute between the parties
hereto, arising out of or relating to this Agreement or the breach hereof, or the interpretation hereof, the prevailing party shall be entitled to recover from the losing party reasonable expenses, attorneys’ fees and costs incurred in
connection therewith or in the enforcement or collection of any judgment or award rendered therein. The “prevailing party” means the party determined by the arbitrator(s) or court, as the case may be, to have most nearly prevailed, even if
such party did not prevail in all matters, not necessarily the one in whose favor a judgment is rendered. 
  
 11.4. Notice. Any notice required or permitted of either the Executive or the Employer under this Agreement shall be deemed to have been
duly given, if by personal delivery, upon the date received by the party or its authorized representative; if by facsimile, upon transmission to a telephone number previously provided by the party to whom the facsimile is transmitted as reflected in
the records of the party transmitting the facsimile and upon reasonable confirmation of such transmission; and if by mail, on the third day after mailing via U.S. first class mail, registered or certified, postage prepaid and return receipt
requested, and addressed to the party at the address given below for the receipt of notices, or such changed address as may be requested in writing by a party. 
  

If to the Employer: 
  
 Redlands Centennial Bank 
 218 East State Street 
 Redlands, California 92373 
 Attention: Timothy P. Walbridge, President 
  

If to the Executive: 
  
 Beth Sanders 
 1310 5th Avenue 
 Redlands, California 92374 
  
 11.5. Assignment. Neither the Executive, the Executive’s spouse, nor any other beneficiary under this Agreement shall have any power or
right to transfer, assign, hypothecate, modify or otherwise encumber any part or all of the amounts payable hereunder, nor, prior to payment in accordance with the terms of this Agreement, shall any portion of such amounts be: (i) subject to seizure
by any creditor of any such beneficiary, by a proceeding at law or in equity, for the payment of any debts, judgments, alimony or separate maintenance obligations which may be owed by the Executive, the Executive’s spouse, or any designated
beneficiary; or (ii) transferable by operation of law in the event of bankruptcy, insolvency or otherwise. Any such attempted assignment or transfer shall be void and shall terminate this Agreement, and the Employer shall thereupon have no further
liability hereunder. 
  

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 11.6. Binding Effect/Merger or Reorganization. This Agreement shall be binding upon and
inure to the benefit of the Executive and the Employer and, as applicable, their respective heirs, beneficiaries, legal representatives, agents, successors and assigns. Accordingly, the Employer shall not merge or consolidate into or with another
corporation, or reorganize or sell substantially all of its assets to another corporation, firm or person, unless and until such succeeding or continuing corporation, firm or person agrees to assume and discharge the obligations of the Employer
under this Agreement. Upon the occurrence of such event, the term “Employer” as used in this Agreement shall be deemed to refer to such surviving or successor firm, person, entity or corporation. 
  
 11.7. Nonwaiver. The failure of either party to enforce at any
time or for any period of time any one or more of the terms or conditions of this Agreement shall not be a waiver of such term(s) or condition(s) or of that party’s right thereafter to enforce each and every term and condition of this
Agreement. 
  
 11.8. Partial Invalidity. If any
term, provision, covenant or condition of this Agreement is determined by an arbitrator or a court, as the case may be, to be invalid, void, or unenforceable, such determination shall not render any other term, provision, covenant or condition
invalid, void or unenforceable, and the Agreement shall remain in full force and effect notwithstanding such partial invalidity. 
  
 11.9. Entire Agreement. This Agreement supersedes any and all other agreements, either oral or in writing, between the parties with respect
to the subject matter of this Agreement and contains all of the covenants and agreements between the parties with respect thereto. Each party to this Agreement acknowledges that no other representations, inducements, promises or agreements, oral or
otherwise, have been made by any party, or anyone acting on behalf of any party, which are not set forth herein, and that no other agreement, statement or promise not contained in this Agreement shall be valid or binding on either party. 

 
 11.10. Modifications. Any modification of this Agreement
shall be effective only if it is in writing and signed by each party or such party’s authorized representative. 
  
 11.11. Paragraph Headings. The paragraph headings used in this Agreement are included solely for the convenience of the parties and shall
not affect or be used in connection with the interpretation of this Agreement. 
  
 11.12. No Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will
be applied against any person. 
  
 11.13. Governing
Law. The laws of the State of California, other than those laws denominated choice of law rules, and, where applicable, the rules and regulations of the Federal Deposit Insurance Corporation or any other regulatory agency or governmental
authority having jurisdiction over the Employer, shall govern the validity, interpretation, construction and effect of this Agreement. 
  
 12. Right of the Employer to Pay a Lump Sum. Unless expressly provided for herein, the Employer shall at its sole discretion have the right
to pay in a lump sum the then present value using a discount rate that is to be mutually agreed upon between the Employer and the Executive or the Executive’s beneficiary of all payments vested and due the Executive or the Executive’s
beneficiary pursuant to this Agreement. 
  

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

			
	 REDLANDS CENTENNIAL BANK
	 	BETH SANDERS
	 “Employer”
	 	“Executive”
		
	 /s/ Timothy Walbridge

	 	 /s/ Beth Sanders

	 Timothy P. Walbridge, President
	 	 

 SCHEDULE A 
  

			
	 NUMBER OF COMPLETE
 YEARS OF
SERVICE

	  	 APPLICABLE
 PERCENTAGE

	 1
	  	10%
	 2
	  	20%
	 3
	  	30%
	 4
	  	40%
	 5
	  	50%
	 6
	  	60%
	 7
	  	70%
	 8
	  	80%
	 9
	  	90%
	 10 or more
	  	100%

  

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 SCHEDULE B 
  
 BENEFICIARY DESIGNATION 
  
 TO: The Administrator of Redlands Centennial Bank 
  
 Pursuant to the provisions of my Executive Salary Continuation Agreement with Redlands Centennial Bank permitting the designation of a
beneficiary or beneficiaries by a participant, I hereby designate the following persons and entities as primary and secondary beneficiaries of any benefit under said Agreement payable by reason of my death: 
  
 NOTE: To name a trust as beneficiary, please provide the name of the trustee
and the exact date of the trust agreement. 
  
 In the event the
primary beneficiary is not the spouse of the Executive, the spouse of the Executive will need to sign the Spousal Consent below and such signature must be notarized. 
  
 Primary Beneficiary: 
  
  

					
			
	
	 	
	 	

	Name	 	Address	 	Relationship

  
 Secondary (Contingent)
Beneficiary: 
  

					
			
	
	 	
	 	

	Name	 	Address	 	Relationship

  
 THE RIGHT TO REVOKE OR CHANGE ANY
BENEFICIARY DESIGNATION IS HEREBY RESERVED. ANY PRIOR DESIGNATION OF PRIMARY BENEFICIARIES AND SECONDARY BENEFICIARIES IS HEREBY REVOKED. 
  
 The Administrator shall pay all sums payable under the Agreement by reason of my death to the Primary Beneficiary, if he or she survives me, and if no Primary Beneficiary
shall survive me, then to the Secondary Beneficiary, and if no named beneficiary survives me, then the Administrator shall pay all amounts in accordance with the terms of my Executive Salary Continuation Agreement. In the event that a named
beneficiary survives me and dies prior to receiving the entire benefit payable under said Agreement then and in that event, the remaining unpaid benefit payable according to the terms of my Executive Salary Continuation Agreement shall be payable to
the personal representatives of the estate of said beneficiary who survived me but died prior to receiving the total benefit provided by my Executive Salary Continuation Agreement. 
  
 Beth Sanders 
 “Executive” 
  

			
	 Dated: December 1, 2001
	 	 /s/ Beth Sanders

  

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 CONSENT OF THE EXECUTIVE’S SPOUSE 
  
 TO THE ABOVE BENEFICIARY DESIGNATION: 
  
 I,
                        , being the spouse of Beth Sanders, after being afforded the opportunity to consult with
independent counsel of my choosing, do hereby acknowledge that I have read, agree and consent to the foregoing Beneficiary Designation which relates to the Executive Salary Continuation Agreement entered into by my spouse on
                    , 2001. I understand that the above Beneficiary Designation adversely affects my community property interest in the
benefits provided for under the terms of the Executive Salary Continuation Agreement. I understand that I have been advised to consult with an attorney of my choice prior to executing this consent, so that such attorney can explain the effects of
this consent. 
  

			
	 Dated:                    ,
2001
	  	

	 	  	                        , Spouse

  

 12 

 CERTIFICATE OF ACKNOWLEDGMENT 
 OF NOTARY PUBLIC 
  

			
	 State of California
	  	)
	 	  	) ss.
	 County of             
	  	)

  
 On
                        , 2001, before me,
                        , Notary 
 Public, State of California, personally appeared                          
  

	[    ]	personally know to me - OR 

	[    ]	proved to me on the basis of satisfactory evidence 

  
 to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized
capacity(ies), and that by his/her/their signatures(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 
  
 WITNESS my hand and official seal. 
  

	
	

	 Notary Public

	 State of California

  
 (Seal) 
  
 Capacity Claimed by Signer: 
  

	[    ]	Individual(s) Signing for Oneself/Themselves 

  
 Title or Type of Document:______________________________________________________________________ 
  
 Date of Document:_______________________________________________________________________________ 
  
 Number of Pages:___________________________________________________________________________

  
 Signer(s) Other Than Named
Above:_____________________________________________________________ 
  

 13Form of Officer's Certificate and Company Order, 2007 Notes

 Exhibit 4.7 
  
 DELUXE CORPORATION 
  
 $325,000,000 31⁄2% Senior Notes due 2007 
  
 Officers’ Certificate and Company Order 
  
 Pursuant to the Indenture dated as of April 30, 2003 (the “Indenture”), between Deluxe Corporation, a Minnesota corporation (the
“Company”), and Wells Fargo Bank, N.A. (formerly, Wells Fargo Bank Minnesota, N.A.), a national banking association (the “Trustee”), the resolutions adopted by the Company’s Board of Directors at the meeting of the Board of
Directors held on May 16, 2004 and the resolutions adopted by the Company’s Finance Committee of the Board of Directors at its meeting held on June 24, 2004, and subject to the terms of the Registration Rights Agreement (the “Registration
Rights Agreement”), dated October 1, 2004, by and among the Company, J.P. Morgan Securities Inc. and Wachovia Capital Markets, LLC as representatives of the Initial Purchasers listed in the Purchase Agreement (the “Purchase
Agreement”), dated September 28, 2004, by and among the Company and the Initial Purchasers listed on Schedule 1 therein, this Officers’ Certificate and Company Order is being delivered to the Trustee to establish the terms of a series of
Securities in exchange for a series of securities with substantially similar terms and principal amounts issued on October 1, 2004 (the “Prior Notes”) in accordance with Section 301 of the Indenture, to establish the form of the Securities
of such series in accordance with Section 201 of the Indenture, to request the authentication and delivery of the Securities of such series pursuant to Section 303 of the Indenture and to comply with the provisions of Section 102 of the Indenture.
This Officers’ Certificate and Company Order shall be treated for all purposes under the Indenture as a supplemental indenture thereto. 
  
 All conditions precedent provided for in the Indenture relating to (i) the establishment of a series of Securities, (ii) the establishment of the form of
Securities of such series and (iii) the procedures for authentication and delivery of such series of securities have been complied with. 
  
 Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Indenture. 
  
 A. Establishment of a Series of Securities pursuant to Section 301 of the
Indenture. 
  
 There is hereby established pursuant to Section
301 of the Indenture a series of Securities which shall have the following terms: 
  
 (1) The Securities shall bear the title “31⁄2% Senior Notes due 2007, Series B” (referred to herein as the “Notes”). 
  
 (2) The aggregate principal amount of the Notes to be issued pursuant to this Officers’ Certificate and Company Order
shall be limited to $325,000,000 except for (a) Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 304, 305, 306, 906 or 1107 of the Indenture, (b) Notes which,
pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and delivered thereunder and (c) any Securities of this series which are issued in the manner 

 contemplated by paragraph 19(b) hereof. The aggregate principal amount at maturity of the Notes may from time to time be
increased or decreased by adjustments made on the records of the Trustee and the Depositary pursuant to the Exchange Offer (as defined below). 
  
 (3) The Company will pay interest to the person in whose name a Note is registered at the close of business on March 15 and September 15, as the case may
be (each a “Record Date”), immediately preceding the relevant Interest Payment Date, except that any interest payable at the Stated Maturity (as defined in Paragraph 4 below) or any earlier redemption of the Notes will be payable to the
person to whom the principal of the Notes is payable. Any interest installment not punctually paid or duly provided for on any Interest Payment Date shall cease to be payable to the registered holder on the relevant Record Date, and will be paid
according to the method specified in the Indenture. 
  
 (4) The
Stated Maturity Date of the Notes shall be October 1, 2007. 
  
 (5) The Notes will bear interest from and including the most recent Interest Payment Date to which interest has been paid or duly provided for on the Prior Notes, or if no such interest has been paid or provided for, then from October 1,
2004, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, at a rate of 31⁄2% per annum, payable in U.S. Dollars semi-annually in arrears on April 1 and October 1 of each year, commencing April 1,
2005, until the principal thereof is paid or made available for payment. Any accrued and unpaid interest (including any additional interest payable upon the occurrence of a Registration Default) on the Prior Notes upon the issuance of this Note in
exchange for the Prior Notes shall cease to be payable to the Holder of the Prior Notes and shall be payable on the next Interest Payment Date for this Note to the Holder hereof on the related Record Date. The Company will pay interest to the person
in whose name the Note is registered at the close of business on the Record Date except that any interest payable at the Stated Maturity or any earlier redemption of the Notes will be payable to the person to whom the principal of the Notes is
payable. The Company will compute interest on the basis of a 360-day year consisting of twelve 30-day months and, for any period shorter than a full calendar month, on the basis of the actual number of days elapsed in such period. If any Interest
Payment Date or maturity or redemption date falls on a day that is not a Business Day, then the payment will be made on the next Business Day. However, if such next Business Day is in the next succeeding calendar year, the payment will be made on
the Business Day immediately preceding the original payment date, in either case without additional interest and with the same effect as if it were made on the originally scheduled date. 
  
 (6) Principal of (and premium, if any) and interest on the Notes will be payable, and, except as provided in Section 305 of
the Indenture with respect to a Global Security (as defined below), the transfer of the Notes will be registrable and Notes will be exchangeable for Notes bearing identical terms and provisions at the corporate trust office of Wells Fargo Bank,
N.A., in the City of Minneapolis, Minnesota or at its agency located in the City of New York, New York. The method of such payment shall be by wire transfer for Notes held in book-entry form or by check mailed to the address of the person entitled
to the payment as it appears in the Security Register. 
  
 (7) The
Notes will not be redeemable. 
  

 - 2 - 

 (8) The Company shall not be obligated to redeem or purchase any Notes pursuant to any sinking fund or
analogous provisions or at the option of the Holder. 
  
 (9) The
Notes will be issued only in fully registered form and the minimum initial purchase amounts of the Notes shall be $1,000 and any integral multiple of $1,000 in excess thereafter. 
  
 (10) The payment of the principal of and any premium and interest on the Notes shall be payable in the currency of the
United States of America. 
  
 (11) The Notes shall be subject to
the Events of Default specified in Section 501 of the Indenture. 
  
 (12) The Notes shall be subject to the covenants specified in Article Ten of the Indenture. 
  
 (13) The portion of the principal amount of the Notes which shall be payable upon declaration of acceleration of maturity thereof shall not be less than
the principal amount thereof. 
  
 (14) The principal amount
payable at the Stated Maturity of the Notes of the series will be determinable as of any one or more dates prior to the Stated Maturity. 
  
 (15) The amount of payments of principal of and any premium or interest on the Notes will not be determined with reference to an index. 
  
 (16) The Notes shall be defeasible pursuant to Sections 403 and 1009 of the
Indenture. 
  
 (17) (a) The Notes will be deposited with, or on
behalf of, The Depository Trust Company, New York, New York, as Depositary, and will be represented by a global security (a “Global Security”) registered in the name of a nominee of the Depositary. So long as the Depositary or its nominee
is the registered holder of any Global Security, the Depositary or its nominee, as the case may be, will be considered the sole Holder of the Notes represented by such Global Security for all purposes under the Indenture and the Notes. 

 
 (b) The Notes shall bear the legends as set forth on Exhibit A.

  

	 	•	“Exchange Offer” means the exchange offer by the Company of the Notes for Prior Notes pursuant to the Registration Rights Agreement. 

  

	 	•	“Registration Default” has the meaning set forth in the Registration Rights Agreement. 

  
 (c) The Notes represented by a Global Security will not be exchangeable for, and will not otherwise be issuable as, Notes
in certificated form, except as provided in Section 305 of the Indenture and except if there shall have occurred and be continuing an Event of Default and the holders of a majority in aggregate principal amount of Notes determine to 
  

 - 3 - 

 discontinue the system of book-entry transfers through the Depository. Notwithstanding the above, if the Depositary of
the Notes notifies the Company that it is unwilling or unable to continue as Depositary for the Notes or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, but a successor Depositary registered as a
clearing agency under the Securities Exchange Act is appointed by the Company within 90 days of such event, the Notes represented by a Global Security will not be exchangeable for Notes in certificated form. Any Global Security that is exchangeable
pursuant to the sentence above shall be exchangeable for Notes registered in such names as the Depository shall direct. The Notes represented by a Global Securities may not be transferred except by the Depository to a nominee of the Depository or by
a nominee of the Depository to the Depository or another nominee of the Depository or to a successor Depository or its nominee. Owners of beneficial interests in such Global Securities will not be considered the holders thereof for any purpose under
the Indenture, and no Global Security representing a Note shall be exchangeable, except for another Global Security of like denomination and tenor to be registered in the name of the Depository or its nominee or to a successor Depository or its
nominee. The rights of holders of such Global Securities shall be exercised only through the Depository. 
  
 (18) The principal of or any premium or interest on the Notes are denominated or payable in the currency of the United States of America and Sections 403
and 1009 of the Indenture shall apply to the Notes. 
  
 (19) (a)
The Notes will be senior unsecured obligations of the Company and will rank equally in right of payment with all of the other senior unsecured, unguaranteed and unsubordinated indebtedness of the Company from time to time outstanding. The Notes will
rank senior to any subordinated indebtedness of the Company. 
  
 (b) The Company may, so long as no Event of Default has occurred, without the consent of the Holders of the Notes, issue additional notes with the same terms as the Notes in accordance with the corporate authority existing at the time of
such additional issuance, and such additional notes shall be considered part of the same series under the Indenture as the Notes and will vote together with the Notes as one class on all matters with respect to the Notes. The Notes shall have such
other terms and provisions as are provided in the Global Security representing the Notes substantially in the form attached as Exhibit B hereto. 
  
 B. Establishment of Forms of Securities Pursuant to Section 201 of Indenture. 
  
 It is hereby established, pursuant to Section 201 of the Indenture, that the Global Security representing the Notes shall be
substantially in the form attached as Exhibit B hereto. 
  
 C. Order for the Authentication and Delivery of Securities Pursuant to Section 303 of the Indenture. 
  
 It is hereby ordered pursuant to Section 303 of the Indenture that the Trustee authenticate, in the manner provided by the Indenture, the Notes in the
aggregate principal amount of $325,000,000 registered in the name of Cede & Co., which Notes have been heretofore duly executed by the proper officers of the Company and delivered to you as provided in the Indenture, and to deliver said
authenticated Notes to or on behalf of The Depository Trust Company on or before 9:00 a.m., Eastern Standard Time, on                     ,
2004. 
  

 - 4 - 

 The undersigned have read the pertinent sections of the Indenture including the related definitions
contained therein. The undersigned have examined the resolutions adopted by the Board of Directors of the Company. In the opinion of the undersigned, the undersigned have made such examination or investigation as is necessary to enable the
undersigned to express an informed opinion as to whether or not the conditions precedent to (i) the establishment of the Notes, (ii) the establishment of the forms of the Notes and (iii) the authentication of the Notes, contained in the Indenture
have been complied with. In the opinion of the undersigned, such conditions have been complied with. 
  

 - 5 - 

 IN WITNESS WHEREOF, the undersigned have executed this Officers’ Certificate and Company Order this
             day of                     , 2004. 
  

	
	 DELUXE CORPORATION

	
	

	 Ronald E. Eilers

	 President and Chief Operating Officer

	
	

	 Raj Agrawal

	 Vice President and Treasurer

  

 - 6 - 

 EXHIBIT A 
  

FORM OF LEGENDS 
  
 Each Global Note authenticated and delivered hereunder shall also bear the following legend: 
  
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO BELOW AND IS
REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO
TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

 A-1

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