SEC Contract Filing

Filing Date: 2020-05-08

Document Content:
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<TYPE>EX-10.50
<SEQUENCE>2
<FILENAME>ex10_50.htm
<DESCRIPTION>EXHIBIT 10.50
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 <div style="text-align: right;"><u>Exhibit 10.50</u></div>
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 <div style="text-align: center; font-weight: bold;">SALARY CONTINUATION AGREEMENT</div>
 <div style="text-align: justify;">This Salary Continuation Agreement (this &#8220;Agreement&#8221;) by and between Community West Bank, a national banking association located in Goleta, California (hereinafter referred to as the &#8220;Employer&#8221;), and Timothy Stronks
 (hereinafter referred to as the &#8220;Executive&#8221;), is effective as of the 1st day of May, 2020, with reference to the following:</div>
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 <div style="text-align: justify;">WITNESSETH:</div>
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 <div style="text-align: justify;">WHEREAS, the Executive is employed by the Employer;</div>
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 <div style="text-align: justify;">WHEREAS, the Employer recognizes the valuable services the Executive has performed for the Employer and wishes to encourage the Executive&#8217;s continued employment and to provide the Executive with additional incentive
 to achieve corporate objectives;</div>
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 <div style="text-align: justify;">WHEREAS, the Employer wishes to provide the terms and conditions upon which the Employer shall pay additional retirement benefits to the Executive;</div>
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 <div style="text-align: justify;">WHEREAS, the Employer and the Executive intend this Agreement shall at all times be administered and interpreted in compliance with Code Section 409A; and</div>
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 <div style="text-align: justify;">WHEREAS, the Employer intends this Agreement shall at all times be administered and interpreted in such a manner as to constitute an unfunded nonqualified deferred compensation arrangement, maintained primarily to
 provide supplemental retirement benefits for the Executive, a member of select group of management or highly compensated employee of the Employer.</div>
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 <div style="text-align: justify;">NOW THEREFORE, in consideration of the premises and of the mutual promises herein contained, the Employer and the Executive agree as follows:</div>
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 <div style="text-align: justify;">ARTICLE 1</div>
 <div style="text-align: justify;">DEFINITIONS</div>
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 <div style="text-align: justify;">For the purpose of this Agreement, the following phrases or terms shall have the indicated meanings:</div>
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 <div style="text-align: justify;">1.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Accrued Benefit&#8221; means the dollar value of the liability that should be accrued by the Employer for each Plan Year, under Generally Accepted Accounting Principles, as consistently applied in accordance
 with the practices of the Employer, for the Employer&#8217;s obligation to the Executive under this Agreement, calculated by applying Accounting Standards Codification 710-10 and the Discount Rate, provided, however, that in the event a Separation of
 Service occurs during a Plan Year, the Accrued Benefit shall include an amount equal to the Accrued Benefit for that Plan Year divided by twelve (12) and multiplied by the number of full calendar months in that Plan Year prior to the date of the
 Separation of Service.</div>
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 <div style="text-align: justify;">1.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Administrator&#8221; means the Board or its designee.</div>
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 <div style="text-align: justify;">1.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Affiliate&#8221; means any business entity with whom the Employer would be considered a single employer under Code Section 414(b) and 414(c).&#160; Such term shall be interpreted in a manner consistent with the
 definition of &#8220;service recipient&#8221; contained in Code Section 409A.</div>
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 <div style="text-align: justify;">1.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Beneficiary&#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.</div>
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 <div style="text-align: justify;">1.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Board&#8221; means the Board of Directors of the Employer.</div>
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 <div style="text-align: justify;">1.6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Cause&#8221; means any of the following acts or circumstances: gross negligence or gross neglect of duties to the Employer, as determined by at least 2/3rds of the Independent Board Members, and if requested
 in writing by the Executive within twenty (20) days of such determination, an Independent Lawyer or Law Firm shall review the determination of the Independent Board Members and render a final and binding opinion as to whether or not the Cause
 definition has met; 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&#8217;s employment and resulting in a material adverse effect on the Employer, as determined by at least 2/3rds of the Independent Board Mem