SEC Contract Filing

Filing Date: 2018-01-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>directordeferredcompensati.htm
<DESCRIPTION>EXHIBIT 10.1
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<div><a name="sCF4BE431B97BCE5ECAE7E252D3FB776B"></a></div><div></div><div><br></div><div style="line-height:120%;padding-bottom:24px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CENTRAL VALLEY COMMUNITY BANK <br>DIRECTOR DEFERRED FEE AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Agreement is entered into this 8</font><font style="font-family:inherit;font-size:12pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">th</sup></font><font style="font-family:inherit;font-size:12pt;">&#32;day of January, 2018 (the &#8220;Effective Date&#8221;) by and between CENTRAL VALLEY COMMUNITY BANK, a California-chartered commercial bank located in Fresno, California (the &#8220;Bank&#8221;), and ROBERT FLAUTT (the &#8220;Director&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">INTRODUCTION</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To encourage the Director to remain a member of the Bank&#8217;s Board of Directors, the Bank is willing to provide to the Director an opportunity to defer Director&#8217;s fees. The Bank will pay the Director&#8217;s deferred fees from its general assets.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Director and the Bank agree as follows:</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ARTICLE I. DEFINITIONS</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.01</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Definitions</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Whenever used in this Agreement, the following words and phrases shall have the meanings specified:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:48px;"><font style="font-family:inherit;font-size:12pt;">A.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Change of Control&#8221; means that any of the following events occur:</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;padding-left:144px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Merger/Acquisition of Significant Share Ownership</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;padding-left:144px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Any one person, or more than one person acting as a group, acquires ownership of the Bank or Central Valley Community Bancorp that, together with stock held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock. However, if any one person or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Bank or Central Valley Community Bancorp, the acquisition of additional stock by the same person or persons will not be considered to cause a Change of Control. Further, an increase in the percentage of stock owned by any one person, or persons acting as a group, as a result of a transaction in which the Bank or Central Valley Community Bancorp acquires its stock in exchange for property will not be considered to cause a Change of Control; or</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;padding-left:144px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Change in Board Composition</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;padding-left:144px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">During any twelve (12)-month period, a majority of the members of the Board of Directors of the Bank or Central Valley Community Bancorp are replaced by Directors whose appointment or election is not endorsed by </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-f