SEC Contract Filing

Filing Date: 2018-11-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>employmentagreement-firsta.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<div><a name="s474D3F887A8E0E2A180AE533BA954EBD"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Exhibit 10.1</font></div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">FIRST AMENDMENT OF EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">This First Amendment of Employment Agreement ("First Amendment") is made and effective as of this 17</font><font style="font-family:Arial;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">th</sup></font><font style="font-family:Arial;font-size:11pt;">&#32;day of October, 2018, by and between FIRST CHOICE BANK ("Bank"), FIRST CHOICE BANCORP (the &#8220;Bancorp&#8221;) (collectively referred to as the &#8220;Company&#8221;</font><font style="font-family:Arial;font-size:11pt;font-weight:bold;">)</font><font style="font-family:Arial;font-size:11pt;">&#32;and Mr. ROBERT M. FRANKO ("Executive"). This First Amendment is made with specific reference to the following facts:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;text-decoration:underline;">RECITALS</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">A.&#160;&#160;&#160;&#160;Bank and Executive entered into that certain Employment Agreement effective as of January 1, 2018 ("Agreement&#8221;), pursuant to which Executive was retained as the President of the Bank and the Bancorp. Bank, Bancorp and Executive desire to enter into this First Amendment with Executive.</font><font style="font-family:Arial;font-size:10pt;">&#32;&#32;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">B.&#160;&#160;&#160;&#160;Bank, Bancorp and Executive now desire to further amend the provisions in the Agreement.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">NOW, THEREFORE, for and in consideration of the foregoing recitals and the Terms and Conditions contained in this First Amendment, the parties agree as follows: </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:Arial;font-size:11pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">The the first paragraph of Section F.4.(a) is hereby amended to read in full as follows:</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">(a)&#160;&#160;&#160;&#160;Except for termination for Cause (pursuant to Section F.3 hereof), disability or death (pursuant to Section F.2 hereof), after the occurrence of a Change in Control (as defined below), if Executive&#8217;s employment with the Bank is materially adversely altered or Executive is not retained by the Bank or the surviving bank or company, Executive shall be entitled to receive a severance payment in the amount of eighteen (18) months of Executive&#8217;s then current monthly salary, all shares of Restricted Stock and Stock Options with performance objectives will vest pro-rata based on the beginning of the period covered to the date of termination based on actual performance achieved at the end of the performance period, and shares of Restricted Stock and Stock Options with only service contingencies will vest upon Executive&#8217;s employment with the Bank becoming materially adversely altered or Executive is not retained by the Bank. Such payment shall terminate this Agreement in all respects.&#8221;</font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></fon