SEC Contract Filing

Filing Date: 2023-03-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.34
<SEQUENCE>2
<FILENAME>ex_480086.htm
<DESCRIPTION>EXHIBIT 10.34
<TEXT>
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<p style="margin: 0pt; text-align: right; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.34</b></font></p>

<p style="margin: 0pt; text-align: left; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>DEFERRED COMPENSATION AGREEMENT</b></p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">This Deferred Compensation Agreement (the &#8220;Agreement&#8221;) by and between Opportunity Bank (the &#8220;Employer&#8221;) and Peter J. Johnson (the &#8220;Executive&#8221;), made this 17th day of November 2022, formalizes the agreements and understanding between the Employer and the Executive.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>WITNESSETH</b>:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">WHEREAS, the Executive is employed by the Employer;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">WHEREAS, the Employer recognizes the extraordinary services the Executive has performed for the Employer and wishes to provide certain deferred compensation benefits to Executive following a recent compensation review;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">WHEREAS, the Employer and the Executive intend this Agreement shall at all times be administered and interpreted in compliance with Code Section 409A; and</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">NOW THEREFORE, in consideration of the premises and of the mutual promises herein contained, the Employer and the Executive agree as follows:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>ARTICLE 1</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>DEFINITIONS</b></p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">For the purpose of this Agreement, the following phrases or terms shall have the indicated meanings:</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">1.1<i>&nbsp;&nbsp;&nbsp; </i>&#8220;<i>Administrator</i>&#8221; means the Board of Directors of the Employer or its designee.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">1.2<i>&nbsp;&nbsp;&nbsp; </i>&#8220;<i>Beneficiary</i>&#8221; means the person or persons designated in writing by the Executive to receive benefits hereunder in the event of the Executive&#8217;s death.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">1.3<i>&nbsp;&nbsp;&nbsp; </i>&#8220;<i>Cause</i>&#8221; means any of the following acts or circumstances: gross negligence or gross neglect of duties to the Employer; conviction of a felony or of a gross misdemeanor involving moral turpitude in connection with the Executive&#8217;s employment with the Employer; or fraud, disloyalty, dishonesty or willful violation of any law or significant Employer policy committed in connection with the Executive's employment and resulting in a material adverse effect on the Employer.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">1.4<i>&nbsp;&nbsp;&nbsp; </i>&#8220;<i>Claimant</i>&#8221; means a person who believes that he or she is being denied a benefit to which he or she is entitled